Definition of Escrow account:
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.
Accounting: An account where funds are raised for a specific withdrawal.
How to use Escrow account in a sentence?
- Guarantee accounts grow over time and our analysts are unable to determine why taxes are not being paid.
- When you need it, you can keep money in a concentration account as some kind of emergency fund for rainy days.
- 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