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How should we title an escrow account that will hold money on behalf of a business, with an authorized payee? – IBA Compliance Connection

How should we title an escrow account that will hold money on behalf of a business, with an authorized payee?

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Other than the IRS requirements for name controls, which require banks to establish name controls using the first four letters of a customer’s name, we are not aware of any legal restrictions on the titling of escrow accounts. IRS Publication 1220. Because there are not any applicable legal requirements for account titling in this situation (that we are aware of), you should use whatever method works for the bank.