Accurate, Secure, and Timely Processing for Escrows
As your escrow agent, our corporate trust team tracks the details of your business transaction and executes our duties with precision and alacrity, including:
- Receipt and distribution of funds
- 1099 Tax reporting
- Day-to-day monitoring of your account until the terms of your agreement are satisfied
What types of Escrow Services does Colorado National Bank provide?
Colorado National Bank provides escrow services to facilitate a wide range of business transactions. As an independent third party, our escrow services may be deployed for a variety of situations including:
- Investment Offerings
- Contractor retentions
- Construction/project finance
- Good faith deposits
- Litigation settlements
- Real estate transactions
- Qualified settlement funds
- Subscription transactions
- Vendor/purchase agreements
- Purchase of equipment
- Settlement of claims
What are the benefits to choosing Colorado National Bank for my escrow needs?
We have a friendly escrow staff that is committed to providing exceptional customer service to our clients. Our services will minimize administrative burdens and increase the potential to secure profitable business deals. Our staff can process deposits, payments, disbursements, and transfers efficiently while accurately maintaining the accounting records. We provide regular reports of account activity and file IRS Form 1099 annually when necessary. We secures the escrow funds by holding them in an FDIC insured account.
What documentation must be provided in order to establish an escrow account?
To comply with the “Know Your Customer” section of the United States Patriot Act, we requires basic identifying information from the sponsoring entity or individual who request to have an escrow account established. For an individual or business entity sponsoring an escrow account, we will need to verify the name, physical address, date of birth or formation, and tax identification number. We may also require copies of photo IDs and business formation records.
In order to deposit funds into the escrow what documentation is required from the remitter of funds?
In addition to a copy of the signed agreement between the entity/individual and sponsoring entity, we need a completed taxpayer certification form along with a copy of a government issued photo ID for each such entity/person. United States citizens should complete the IRS Form W-9 and foreign individuals should complete the IRS Form W-8BEN. Both forms can be found by clicking this link.
Can Colorado National Bank accept funds from a foreign entity?
Colorado National Bank can accept funds from foreign entities. The funds must arrive in U.S. currency along with the necessary paperwork including a completed IRS Form W-8BEN and proper identifying documentation.
Can Colorado National Bank handle different types of entities?
Yes. Colorado National Bank will accept escrow accounts from individuals, joint tenants/TICs, corporations, partnerships, LLCs, and trusts. We can also accept account holders of individual retirement accounts and qualified business retirement accounts, such as 401(k) and profit sharing plans, as long as Colorado National Bank is not the custodian of the retirement account. For investors other than individuals, additional documentation may be requested by Colorado National Bank.
How much are the fees to open and maintain an escrow account?
The fees to establish an Escrow Account vary depending on the complexity of services being requested. Establishment fees start as low as $250 to open an escrow account. Colorado National Bank’s fees are competitive with other banks that offer the same escrow and corporate trust services. Please give us a call at (888) 265-1225 to obtain a custom fee schedule for your escrow needs.
Are fees to Colorado National Bank invoiced or taken directly from the escrow account?
This is up to the sponsoring party. Colorado National Bank is flexible so that we meet the needs of our customers first and foremost. Initial fees, including the Acceptance Fee and Administration Fee, must be paid up front. Any fees incurred at a later date will be invoiced monthly.
Can Colorado National Bank provide tax reporting services?
Yes. Colorado National Bank will file the appropriate version of IRS Form 1099.
What if I only need an escrow account to handle a single transaction that is non-investment related?
Colorado National Bank can process non-investment related transactions such as the sale or purchase of goods and services. We require a copy of the signed purchase agreement along with a completed IRS Form W-9 and proper identifying documentation. Colorado National Bank’s escrow fees for these types of transactions are very competitive.
How can I start the process of establishing an escrow account at Colorado National Bank?
To receive additional information regarding escrow services or to initiate the process of establishing an escrow account, please contact Colorado National Bank. We can be reached by phone at (888) 265-1225, or by email at firstname.lastname@example.org.
How quickly can an escrow account be established?
Colorado National Bank typically reserves 5 business days to examine and process all the documentation needed to establish an escrow account. After the documentation is approved, a final Escrow Agreement will be submitted to the sponsoring entity for signature. Once signed and returned with the initial fee, Colorado National Bank will assign an account number and deposits can be made to the Escrow Account.
For more information about Colorado National Bank's escrow services, please Contact Us.
Investment Products, other than Colorado National Bank’s certificates of deposit, savings, and money market accounts 1) are not deposits, 2) are not insured by the FDIC, 3) are not guaranteed by Colorado National Bank, and 4) may involve investment risk,including the potential loss of principal.