Case Study—EagleBank
EagleBank was using an outside service bureau to process its escrow accounts.
This required the bank's personnel to copy and then fax all pertinent
data, such as new account information and transaction activity, to the
vendor. When account information was needed, it required a call to the
vendor. This took valuable time away from the bank’s personnel, time
that could be better spent servicing its customers. Additionally, there
was a need to control operational costs. By bringing the application in-house,
the bank could increase its business without an incremental increase in
its servicing fees.
Client
Tracker Overview
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Escrow
Manager
872 Jericho Turnpike
St. James, NY 11780
Phone:
631.265.8305
Toll Free: 877.674.6312
Fax: 631.265.8307
With New York having a large inventory of rental apartments, Signature Bank identified a source of new deposits from landlords who are required to keep tenant security deposits in an interest bearing escrow account. Signature required a system that would enable it to effectively and efficiently manage tenant accounts. What Escrow Manager provided Signature was a customized Security Tracker Landlord/Tenant security deposit processing software
application. With Security Tracker, the bank has the capability to meet its needs, as well as the needs of its clients, and to do so in a cost-effective manner.
As a commercial bank, Amboy National Bank manages escrow accounts for a number of law firms, building contractors, real estate brokers, and others. These types of businesses require multiple accounts and sub-accounts to serve their clients' needs. Amboy National Bank turned to Escrow Manager's Master/Sub Tracker software. Master/Sub Tracker allows
the bank to create one master account for each of its clients. Those master accounts then contain sub-accounts, based on the needs of the client.
