to help your business grow.
The Business Savings account is not a standalone-product.
You must already have an open Business DDA account in order to add this product.
POOL
Designed for financial service businesses looking to receive, hold, and send
money for the benefit of (FBO) their clients. The account holder legally owns
the account and the funds while the account holder’s client is the beneficial
owner of the funds. Pool funds can be held in a FDIC insured account (up to
$2.75M) and/or invested for yield as instructed by the account holder*
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TRUST
Designed for businesses looking to hold and invest their own money. Useful
when amounts are significant, and the client seeks a return without active
trading. Funds can be invested at client direction in thousands of financial
instruments from hundreds of institutions in markets around the world,
including FDIC insured accounts up to $2.75M.*
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ESCROW
Escrow is for principals that need to transfer funds between multiple parties with the
help of an unbiased intermediary. The Escrow account holder both legally and
beneficially owns the funds in the account and then ownership of the account, along with
its assets, transfers to the designated beneficiary upon satisfaction of mutually agreed
conditions of disbursement, which is determined by the Trust Officer. Often, on a large
or repeating two-party transaction, the seller and buyer will each open their own Trust
account and the Escrow will used to transfer funds from the buyer’s account to the
seller’s account. Funds are typically held in an FDIC insured account or, for very large
amounts, directly in Treasuries.
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