FDIC-Insured - Backed by the full faith and credit of the U.S. Government
FDIC-Insured - Backed by the full faith and credit of the U.S. Government
Escrow Account Management
Managing escrow accounts doesn’t have to feel complicated. Provident’s Escrow Account Management helps simplify the administration of escrow deposits by consolidating records, streamlining interest allocation, and supporting year end tax reporting.
Account Highlights
Provident pays a competitive Annual Percentage Yield (APY) on escrow account balances, so you benefit from the structure and oversight of escrow accounting while earning returns typically associated with CDs or business money market accounts.
What You Get with Escrow Account Management
- Designed for attorneys, property managers, municipalities, realtors, title companies, housing authorities, funeral homes, and 1031 Qualified Intermediaries, Provident’s Escrow Account Management service offers a comprehensive set of tools to simplify administration and support compliance.
Convenient Access to Funds
- Make partial withdrawals by check at any time, with the ability to handle withdrawals and account closings by phone or fax, giving you flexibility and control when you need it.
Flexible Sub-Account Management
- Manage escrow funds with one master account and unlimited sub‑accounts that are never intermingled. Open or close sub‑accounts easily, customize sub‑account numbering to match internal references, and enjoy no maintenance or transaction fees.
Detailed Reporting & Reconciliation
- Simplify reconciliation with consolidated reports that summarize all sub‑account activity, deposit and debit registers, and automated wire notifications with Federal Reserve tracking. Access master and sub‑account reports 24/7 through ProvidentConnect for Business, along with year‑end 1099 and IRS reporting to reduce administrative workload.
IOLTA Compatibility
- Provident offers two IOLTA solutions for attorneys:
- IOLTA Checking for daily banking needs
- IOLTA Escrow Account Management for structured escrow oversight
Everyday Tools For Escrow Account Management
ProvidentConnect for Business Online Banking
Securely manage your accounts with ease through ProvidentConnect for Business Online Banking.
Mobile Banking for Business
Bank anywhere, anytime with our mobile app. Enjoy secure, convenient access to your business accounts.
Provident Debit Mastercard®
Designed to make everyday business spending simple, secure, and efficient giving you convenient access to your business funds for purchases and payments.
Treasury Management
Run your business more efficiently, more profitably, and with more cash flow management control.
Frequently Asked Questions
What is escrow account management?
Escrow account management involves holding and disbursing funds on behalf of multiple parties according to agreed‑upon terms. Provident Bank provides escrow account services to help ensure funds are managed securely, accurately, and in accordance with contractual or regulatory requirements.
How does escrow account management help protect all parties?
Escrow accounts help by holding funds in a neutral account until specific conditions are met. This structure promotes transparency, accountability, and proper handling of funds, helping reduce risk and ensure compliance with agreed‑upon terms.
Are escrow funds kept separate from other accounts?
Yes. Escrow funds are maintained separately from operating accounts to support proper accounting, oversight, and reconciliation.
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111 Wood Avenue South
Suite 200
Iselin, NJ 08830Mailing Address
P.O. Box 1001
Iselin, NJ 08830-1001
