MCLEAN, Va., June 11, 2015 /PRNewswire/ -- Capital One Bank announced it has launched Capital One Escrow ExpressSM, a self-service, sub-accounting platform that allows escrow agents to manage escrow and tenant security accounts online. The new platform transforms the client experience by digitizing a highly cumbersome manual process and enabling greater control and efficiency through online account management. It also offers convenient online access to a variety of reports and statements, the ability to calculate and post interest at the sub-account level, and to manage any associated 1099 reporting.
"Clients who handle escrow monies need the speed, accuracy, and convenience that online access provides," said Colleen Taylor, Executive Vice President, Head of Treasury Management & Enterprise Payments, Capital One Bank. "We've transformed this burdensome manual process into a digital experience that allows clients to take care of business themselves, rather than going into a branch or calling a customer service rep."
Capital One Escrow ExpressSM clients benefit from:
- Around-the-clock access to a virtual sub-accounting platform through Intellix®, Capital One's treasury management portal
- The ability to open and close sub-accounts online without having to go through the bank
- The automatic calculation and credit of interest payments and a final payout when accounts are closed
- Detailed, up-to-date reporting, as well as account summaries and statements
- System-generated 1099 statements at year end
"Managing escrow funds is typically a time-consuming chore that takes attention away from more strategic activities. This innovative service saves our clients time, relieves their operational burdens and ensures they meet the compliance requirements related to handling escrow monies," said Taylor.
Capital One Escrow ExpressSM is available for clients who handle tenant security deposits such as landlords and property management offices, attorneys and law firms that manage client funds, 1031 Exchanges, companies in the pre-need market such as funeral homes, title companies, surrogate courts that manage funds held for third parties, and states and municipalities that manage government escrow deposits.
"Capital One's Escrow ExpressSM has transformed the way we manage our tenants' security deposits and given us much more control over our day-to-day cash flow," said Thomas Thibodeaux, Chief Financial Officer at New Bedford Management Corp, a Capital One escrow client that recently moved to Capital One Escrow ExpressSM. "We can quickly view and manage sub-account transactions, and the platform's robust reporting features are convenient and easy for our finance team to use."
For more information about the Capital One Escrow ExpressSM service, please contact a Treasury Management Sales Advisor or [email protected].
About Capital One
Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N.A., had $210.4 billion in deposits and $306.2 billion in total assets as of March 31, 2015. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has branches located primarily in New York, New Jersey, Texas, Louisiana, Maryland, Virginia and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol "COF" and is included in the S&P 100 index.
SOURCE Capital One Bank