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Escrow Services

We've compiled a list of the most common questions to help provide support. Simply click on the individual issue listed below to see a solution. If there is a problem you are experiencing that isn't in this list, please call us toll-free at 1-800-700-5868 or use our contact form.

 

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What is needed to set up an escrow account?

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.


What are the fees associated with an escrow account?

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. This fee is paid when the escrow is opened. See Escrow Services & Fees brochure for current fees.

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. See Escrow Services & Fees brochure for current fees.

Closing Fee - See Escrow Services & Fees brochure for current closing fees.

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


Does First Interstate Bank process taxes or insurance premiums?

A reserve account can be established for the payment of taxes or insurance related to the escrow. Additional fees apply. See Escrow Services & Fees brochure for current fees. 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.


How will the seller get their funds?

Funds can be disbursed to any First Interstate Bank account for free or by electronic deposit to any other financial institution. Seller also has the option to receive funds by check. See Escrow Services & Fees brochure for current fees.


Where can I make my escrow payments?

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.


Will I receive a coupon book?

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


Will I get a receipt?

Receipt of payment can be mailed upon request from the buyer or seller. Additional fees apply. See Escrow Services & Fees brochure for current fees.


Does First Interstate Bank provide annual statements?

Annual statements are included with the interest reporting information.

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