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Multi-Client Management
Recommended for Businesses such as lawyers and property managers that manage the financial accounts of several clients
- A series of accounts opened for an entity, composed of a checking account for the master entity and linked savings sub-accounts for funds under their control
- One master account is opened and subsequent sub-accounts for each of the business’s clients are opened as necessary
- The client can simply deposit funds for a new account into the
master and fax over instructions for creation of the
sub-account
- The only information required for creating the sub-account is the business client’s name and Social Security Number or TIN
Key Benefits
- Separate 1099’s are automatically sent for each sub-account
- Funds in sub-accounts earn competitive money market rates
- Sub-accounts can be added easily
- Client receives one statement for all accounts
- Monthly statements provide multi-level summaries and detailed information regarding deposits, disbursements, balances and interest earnings in each individual sub-account
Things to Consider
- No minimum opening deposit
- No monthly fees
- No withdrawals may be taken directly from a sub-account. All withdrawals must be made from the master account
- All sub-accounts must be savings accounts
- Business Information Form should be completed for the master entity
