The following article was originally published in Capital One Bank’s “Inside Treasury Management” client newsletter
Property management companies, law offices and funeral homes are just a few examples of businesses that establish tenant security or escrow accounts for their customers. Through Capital One® Escrow Express, such companies can open, maintain and close those accounts online, streamlining management duties.
With Capital One Escrow Express, clients have full control over their escrow accounts and the convenience of online access.
Capital One Escrow Express is an online subaccounting platform for escrow agents and other entities that manage third-party funds or require separate accounting for escrow funds. Clients benefit from:
- Around-the-clock access through Intellix®, Capital One’s treasury management portal
- The automatic calculation and credit of interest payments and a final payout when accounts are closed
- The convenience of writing their own checks to make a final payout or sending a wire transfer using Capital One’s online banking platform
- Detailed, up-to-date reporting, as well as account summaries and statements
- System-generated 1099 statements at year end
In control anywhere, anytime
“With Capital One Escrow Express, clients have full control over their escrow accounts and the convenience of online access — there is no longer a need to go to a branch or contact a service team,” says Shaleen Prakash, senior vice president, Treasury Management. “This service is a must for any business that manages escrow accounts.”
Clients can make a deposit directly into their master account via check, wire transfer or Automated Clearing House (ACH) transaction. Funds from the master account can be easily allocated to individual sub-accounts. When it is time to close an account, the system automatically calculates the payout amount and moves the interest to the master account. From there, clients can disburse the funds using multiple payment channels, depending on their preference.
A seamless online experience
“We’ve taken a very manual process and transformed it into a seamless digital experience,” Prakash says. “Clients can even use our remote deposit service to deposit checks directly into their master account — eliminating the need to go into a branch. We’re always there to help, but more often, with Capital One Escrow Express, clients prefer to take control and process their own transactions online — easily and efficiently.”
Different permission levels
Clients can establish different permission levels for their staff members. For example, the system’s administration function enables a client to grant certain employees permission to open and close escrow accounts, but require a manager to allocate or transfer funds. By assigning unique permission levels, businesses can ensure their escrow accounts receive sufficient oversight and that accounting controls are in place.
“We understand that the management of escrow accounts represents a huge responsibility for our clients. With Capital One Escrow Express, we enable our clients to safely administer these monies without the hassle of manually processing account transactions. All the information they need is at their fingertips,” Prakash says. “Capital One Escrow Express is a bold step in the delivery of a convenient and secure digital experience for our clients.”