Can I arrange for my bank to sweep my escrow account at night to earn a higher interest rate, which will allow me to offset my overhead expenses?
The Florida Statutes provide detailed directions as to the types of accounts and investments that may be used for escrow accounts. These requirements are the same for the entire day, night just during business hours. Florida Statutes 626.8473(3) states the funds must be immediately placed in a financial institution that is a member of the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Share Insurance Fund (NCUSIF). This means the funds may be invested in any type of investment that meets the requirements of Florida Statute 17.57 as long as it is an account that is maintained with a member of the FDIC or the NCUSIF. Florida Administrative Code 69O-186.008 prohibits a title insurance agent or title insurer from endangering the funds entrusted to them through the escrow process. In addition, this section of the code sets forth the procedures for accepting escrow funds and disbursing against the funds collected. A title insurance agent or insurer may only disburs
Related Questions
- Are escrow accounts covered under the TLGP? What is the amount of coverage on the title companys account at the bank if a depository institution opts out?
- Can I arrange for my bank to sweep my escrow account at night to earn a higher interest rate, which will allow me to offset my overhead expenses?
- Is the escrow account required to be located in a bank physically located in Florida?
