Why does PSI open escrow bank accounts for its Clients?
All settlements that we achieve will require the Client to pay some money–there is no such thing as a “no-money settlement.” By funding an escrow account, the Client ensures that money will be available to pay the settlements that he/she approves. PSI opens the account at its own expense in the Client’s name at a major Chicago-area bank. Because we can assure your creditors that their settlement will be paid via a major bank’s check, they are more willing to settle. Important: No money can be moved from the escrow account without the Client’s written approval. At the end of PSI’s service to the client, PSI promptly returns to the client all interest earned on the account and the funds remaining in the account.
Related Questions
- What if my clients want to participate in amnesty, but my title/escrow company cannot submit the amnesty payment to the Franchise Tax Board by May 31, 2005?
- What Custody or Escrow services does Charter One Private Bank & Trust offer business clients?
- Can my clients pay their amnesty balance through the escrow process?
