Escrow account

Escrow account,

Definition of Escrow account:

  1. Bank: An account where the account holder makes a monthly or regular deposit and authorizes the bank to withdraw funds for the payment of certain obligations such as taxes, rent and insurance premiums.

  2. Accounting: An account where funds are raised for a specific withdrawal.

How to use Escrow account in a sentence?

  1. Guarantee accounts grow over time and our analysts are unable to determine why taxes are not being paid.
  2. When you need it, you can keep money in a concentration account as some kind of emergency fund for rainy days.
  3. My father used to tell me that he had a secure account and I was a little surprised that he did not know that he was involved in such accounting.

Meaning of Escrow account & Escrow account Definition