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 treasury@capitalonebank.com.
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.
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SOURCE Capital One Bank