Escrow account


 

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Escrow account

An account a lender or mortgage servicer establishes to hold funds for the payment of expenses such as homeowners insurance and property taxes. Also known as an impound account.



Escrow account

Similar Matches

Current account surplus

Current account surplus

Credits minus debits on current account. Same as balance on current account. See surplus.


Accounts payable

Accounts payable

Amounts owed by an organisation or individual to another for goods or services it has received.


Account payee

Account payee

Also 'account payee only'. Words written on the face of a cheque between two parallel diagonal lines. The purpose is to ensure that the cheque may only be paid into an account in the name of the payee, that is the person to whom the cheque is made payable. This means that the payee cannot sign it in favour of another person.


Budget account

Budget account

A bank account set up to control a person's regular expenditure. The account would typically include the payment of such items as mortgage, utilities, telephone and other similar items. Annual expenditure for each item is divided by 12 and paid into the account monthly. The bills are then paid from the budget account as they become due.


Sweep account

Sweep account

Account providing that a bank invest all the excess available funds at the close of each business day for the firm.


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