Deposit Escrow Sub Account (DESA)
This service is perfect for property managers, landlords, attorneys or anyone needing to hold deposits in escrow for another party. A “master” checking account in the name of the property manager is opened and acts as the hub for individual interest bearing savings accounts which are opened for each separate deposit. Business Express Online Banking is used to facilitate the movement of funds in to and out of sub accounts. A consolidated statement including the master checking account and all escrow sub accounts is produced each month and sent to the property manager, landlord or attorney. Individual sub account statements are produced quarterly and sent to the sub account owner. All annual tax reporting and notices are handled by the bank. Automated annual interest checks are optional.
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