What is the name of an account where depositors put money that is being held for a sale, with instructions as to whom to send the money to and when? The depositor is just holding the money until the seller gets the money according to a contract signed by the buyer and seller. The depositor does not make any interest. The bank charges a handling fee. A bank employee handles all the details. Changes may be made in consultation with the bank, but the bank is the one to sign the check or wire the money drawn on the account. The depositor does not want the money in escrow, because he does not want the power to write a check on the money.
Here in the Virgin Islands, brokers put money into an escrow account and there may be a cosigner, but not the bank. They call that an escrow account, but theoretically the broker could take the money and run.
What you want is an escrow account. While there are companies that provide escrow services such as you mentioned, popularized by larger transactions on eBay as an example, banks themselves don't provide these services. Try searching for a company to assist you.
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What you want is an escrow account. While there are companies that provide escrow services such as you mentioned, popularized by larger transactions on eBay as an example, banks themselves don't provide these services. Try searching for a company to assist you.
