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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.
First Interstate Bank offers a wide variety of escrow services to meet our customers' needs.
- Receiving and disbursing payments
- Monitoring of late charges
- Payment of property taxes and insurance
- IRS interest reporting as required
- Year-end statement
Escrow can be effective in:
- Contracts and deeds of trust between private parties
- Safekeeping of documents
- Holding and releasing of funds for subdivisions, construction projects and other business transactions
- Receipt and disbursement of condo association fees
- Processing of funds related to oil and gas leases
- Holdbacks and reserves on corporate purchase transactions
- Holding earnest money and deposits on capital-raising transactions
- Mergers, acquisitions and buyouts
- Investment offerings
- Settlement of claims
Advantages of Opening an Escrow Account at First Interstate Bank
- Internet access to your escrow account is now available. You can view your account through the First Interstate Bank website; check your balance, and see if taxes and insurance have been paid.
- Electronic payment processing is hassle free and results in quicker credit to your account.
- Fees are reasonable and competitive.
- Professional and courteous staff providing years of experience.