Attention Business Online Banking Clients
Business Online Banking ACH files must be received by Thursday, May 23 in order to settle before the upcoming federal holiday (Memorial Day). ACH files received on Friday, May 24 will not settle until Tuesday, May 28.
Escrow is a way of transferring or exchanging property or money using a neutral third party. Escrows are established to hold original documents, real estate deeds, titles to property, money, or securities until conditions are fulfilled and the items are released.
An escrow is beneficial to both parties as an independent third party will be holding the documents, processing all regular payments, maintaining an accounting of all transactions, and providing the required reporting.