Master Escrow Accounts

Become more efficient managing money held in escrow.

If your business holds money in escrow for clients or tenants, you need to separate everyone's funds without the hassle of managing multiple bank accounts. A Master Escrow Account provides the solution, allowing you to manage funds without more paperwork and administrative costs.

• Your main corporate checking account disburses funds. 
• All funds reimbursed to clients or tenants are taken from their sub-account and a check is drawn for the exact amount. As a result, the balance in the corporate checking account will always be zero.
• All information on the main operating account and all detailed information on the various client/tenant sub-accounts is sent monthly.
• Berkshire Bank calculates the year-end interest figure for each individual client or tenant. 
• A completed IRS Form 1099 is mailed directly to your client or tenant.

Berkshire Bank is a full-service financial institution with branches in MA, CT, VT, NY, and RI.