Parties to the escrow need an executed agreement. On traditional escrows the agreement may be a contract for deed, trust indenture, mortgage, or buy/sell agreement. In addition, the parties will complete a First Interstate Bank Escrow Agreement which documents buyer/seller name and tax information, legal documents received, payment amount and frequency, interest rate and method (360/365), disbursement instructions, fees, and rules and regulations of the agreement.

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There is an opening fee, payment servicing fee and closing fee for each account.

Opening Fee - The opening fee is based on the contract balance of the escrow. The current fee is $100 for the first $50,000 and $1.50 for each additional $1,000. This fee is paid when the escrow is opened.

Payment Fees - The buyer will usually pay a monthly, quarterly, semi-annual or annual payment fee as determined by the terms of the agreement. The fee is based on the amount of the payment. There is a minimum monthly fee of $7 for the first $500 of the payment and $1.50 per hundred after that up to a maximum of $20. Quarterly fee is $25, semi-annual fee is $50 and annual or one time only payment is $80.

Closing Fee - The closing fee is $1 per $1,000 outstanding balance or a minimum of $50.

Other Fees - See Escrow Services and Fees brochure for a list of other fees that may apply.

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A reserve account can be established for the payment of taxes or insurance related to the escrow. There is an additional $75 set up fee and a monthly fee of $3 for maintenance of the account. The buyer or seller is responsible for submitting tax and insurance statements to the Escrow Department. If there are not sufficient funds in the account to pay the taxes or insurance, the buyer and seller will be notified of the shortage.

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Funds can be disbursed to any First Interstate Bank account (free), by electronic deposit to any other financial institution ($3) or by check ($5).

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Escrow payments can be made at any First Interstate Bank office or mailed to the Escrow Department at the Missoula Downtown Branch, P.O. Box 4667, Missoula, MT 59806. Credit is given on the date received at any office.

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Coupons are provided a year at a time for the duration of the agreement.

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Receipt of payment is mailed upon request from the buyer or seller for an additional fee of $1 per receipt.

Does First Interstate Bank provide annual statements?

Annual statements are included with the interest reporting information.

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