Escrow Accounts, IOLTA, and Municipal Accounts
Municipalities, attorneys, developers, property managers, and other business professionals know that a Columbia Bank Escrow Account is the perfect solution for efficient cash flow management. Whether your need is for government (municipal) banking, escrow banking, or business banking services, Columbia Bank has the right expertise!
- Developer escrow with calculated interest splits
- Rent security escrow with interest checks mailed to tenants IOLTA MasterTrust for attorney-client bookkeeping management
- Three types of monthly statements: statement for each sub-account (developer), a master account activity statement, and a balance listing statement of all accounts in the MasterTrust arrangement
- Available for attorneys (IOLTA accounts), developers, and property managers (rent security accounts)
- Consolidated monthly reporting for all sub-accounts and the master account
- Columbia takes care of all 1099-INT reporting for the clients
IOLTA (Interest on Lawyers Trust Account)
- Columbia partners with you and the State of New Jersey to provide this required and essential public service. Columbia Bank remits interest (net of service charges) to the state quarterly.
- Available as a standalone account or in a MasterTrust (client escrow) format