NYCB provides escrow services that are cost-efficient and easy to implement and manage.
- Save your company time
- Detailed record-keeping
- Accurate reporting of tax information
- Provide your clients with a competitive rate of return on their funds
Attorney Escrow Management Account
Reduce the amount of time allocated to record-keeping and ensure a competitive rate of return for your clients' funds. It features a master account, which serves as the primary disbursement account, linked to individual interest-earning sub-accounts established for each client. For the clients, their escrowed funds earn interest; for the attorney, this service assists with record-keeping and reporting.
Interest on Lawyer Account (IOLA) or Interest on Lawyer Trust Account (IOLTA)
This checking account streamlines statutory escrow fund management and reduces record-keeping for attorneys who need to hold nominal, short-term client funds. The NYCB IOLA/IOLTA earns competitive interest and satisfies all the legal requirements for such accounts.
Lease Security Account
Owners of buildings with four or more units who need an easy, efficient way to hold rent security deposits - and to distribute the interest earned on these deposits - should consider our Lease Security Account. Funds in this special interest-bearing account earn a competitive rate of interest. For your convenience, we handle the record-keeping and disbursement of interest earnings to your tenants, all for a low administrative fee.
1031 Exchange Escrow Account
Efficiently manage client funds by leveraging this service designed specifically for 1031 Exchange Qualified Intermediaries.
Learn more about this service
For more information on these services, please visit your local branch contact our Customer Contact Center at (877) 786-6560.