CLIENT FUND MANAGER
Client Fund Manager (CFM) is an escrow bookkeeping checking account specifically designed for individuals or organizations that act as escrow agents for third parties, such as:
- Real estate companies handling earnest money
- Title companies handling escrow deposits
- Property managers handling security deposits
- Brokerage companies managing real estate investment funds
- Attorneys
- Funeral home operators
CFM simplifies bookkeeping and tax reporting by linking multiple interest bearing and non-interest bearing “client” accounts to a single “master” commercial checking account.
Among the benefits of CFM:
- Keeps track of funds that move in and out of your client accounts
- Generates a single, consolidated statement for the entire CFM relationship
- Creates and mails 1099 tax reporting to you or your clients
- Deducts service charges for each client account from the master account
- Reduces costs and complex accounting systems required to manage client funds
- Allows up to 1,000 client accounts per master account
Contact a Wachovia Relationship Manager for more details.
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