Special Purpose Escrow Accounts
The purpose of long-term escrow accounts is to hold funds for property transactions which will not close for some time.
Who can benefit from SPEAs?
Builders, contractors, developers or persons who might have a long term construction or building project.
How do you qualify for SPEAs?
The Owner of the funds must qualify for membership or must already be a member of Tech CU. The membership account must be opened separately from the SPEA.
Special Purpose Escrow Accounts are established for single purpose transactions only. The Account may not hold funds for multiple owners. The Title Company will be the Trustee of the account and holds a Fiduciary capacity.
What type of products are available on SPEAs?
(Checking accounts, Online Banking, CheckCards, and other routine electronic access are not available on SPEAs.)
The rates and deposit requirements are the same as for the regular business accounts.
If you have questions about Tech CU's Special Purpose Escrow Accounts, or you're interested in opening such an account, please contact our Business Services division by phone at (800) 448-1467 or by sending a message to businessservices@techcu.com.