How Escrow Account Is The Safest Account
Are you skeptical about typing in your bank account details while making an online purchase? Are you wishing to make an online payment with maximum security? Are you worried that your money will go into the right hands and want verification of the same? Then creating an Escrow account is the solution for you. An Escrow account is an extremely secure account where funds are held and kept safe by the Escrow Company until a particular deal is legitimately executed. It is essentially a contractual agreement wherein a third party maintains money, assets and documents until the contract is over and closed.
Escrow, which is the third party, primarily ensures that everything during a particular transaction is carried out smoothly and holds the funds safely in an Escrow account until the time of disbursal. Therefore, Escrow protects the interests of all parties involved in a transaction and safeguards them from frauds, chargebacks and hackers. If you are a seller, your funds are safely deposited in the Escrow Account until the buyer has collected and approved the commodity or the buyer rejects the commodity and the return process is over. If you are a buyer, your money is safely held in the Escrow Account until you have received and approved the product you purchased. If you do not receive the product or it is not as per your liking, you can reject and return the product and have your money returned to your bank account.
Escrow accounts belong to licensed Escrow companies which are subject to regular audits by government agencies in order to determine the degree of safety and security of its operations. The audits also protect public funds and make sure that the Escrow companies are strictly adhering to the Escrow statutes and regulations.
After you have made an Escrow account, you can safely make an online transaction with your bank account efficiently. Escrow guarantees the equal protection of all its stakeholders and settles all the disputes fairly and appropriately. All Escrow transactions are carried out in a hassle free manner under the watchful eyes of an honest Escrow agent. During the transaction, every step is followed and double checked so that you can be assured that your money reaches the right hands.The Escrow account will give you frequent updates regarding the status of your transaction. Escrow also takes care of the contingencies, if any, associated with your transaction that needs to be delivered by the buyer or seller. Every time a step is concluded, the buyer or seller is required to sign and declare on a contingency release form. Only then will the transaction move to the next step. So, once you have an Escrow account, you will not have to worry about getting cheated or about the transparency of the transactions made by you.
Escrow enables you to securely perform almost any kind of transaction, keeps your hard earned money safe and makes you feel confident about doing business.