Escrow accounts
Manage an escrow bank account with confidence
Learn more about escrow accounts at Chase
What is escrow?
Escrow is a process where a neutral third-party holds money, property, or documents for people involved in a transaction. The escrow agent keeps these items safe until everyone has met the agreed-upon conditions. Escrow is commonly used in real estate, rentals, and other situations to ensure both sides keep their promises before anything changes hands.
What is an escrow bank account?
An escrow bank account is an account where money is kept by a neutral third party, called the escrow agent, for a specific reason. An escrow bank account holds money until everyone involved has met certain agreed-upon conditions. Once those conditions are met, the escrow agent gives the money to the right person.
Opening an escrow bank account
To open an escrow bank account, you will need your escrow documents and IDs, and then schedule a meeting with a banker at a Chase branch.
Required escrow documents
To get started, bring your escrow documents.
Escrow document examples
- Escrow agreement
Other document examples (if applicable)
- Power of attorney (POA)
Required identification
The escrow agent will need primary and secondary IDs that display their current U.S. residential address.
All ID requirements are subject to change based on account or customer information. Please contact your local branch for additional ID requirements.
U.S. citizens
Primary ID examples
- Driver's license
- State ID
- U.S. Passport
Secondary ID examples
- Credit or debit card
- Bank statement
- Recent pay stub or utility bill in your name
Non-U.S. citizens
Primary ID examples
- Passport with photo
- U.S. Employment authorization card
- Matricula consular card
Secondary ID examples
- Driver's license
- Bank statement
- Recent pay stub or utility bill in your name
Schedule a meeting with a Chase banker
After you've gathered your documents, you will need to schedule a meeting with a banker to open or service an escrow bank account. All escrow agents may need to be present at the meeting. If you are a client of JPMorgan Private Client, please reach out to your Relationship Manager or Senior Private Client Banker to open an escrow lease bank account. You may have to visit a Chase branch more than once. Requirements may vary by state.
FAQs
Escrow is a process where a neutral third-party holds money, property, or documents for people involved in a transaction. The escrow agent keeps these items safe until everyone has met the agreed-upon conditions. Escrow is commonly used in real estate, rentals, and other situations to ensure both sides keep their promises before anything changes hands.
An escrow bank account is an account where money is kept by a neutral third party, called the escrow agent, for a specific reason. An escrow bank account holds money until everyone involved has met certain agreed-upon conditions. Once those conditions are met, the escrow agent gives the money to the right person.
An escrow bank account can be opened by the escrow agent or company named in the escrow agreement. This person or company is chosen to hold money or property until certain conditions are met.
Once you have the escrow agreement or other required documents, you will need to schedule an in-person meeting with a banker to open or service an escrow account. Opening an escrow account online is not available at this time.
No, you cannot convert an existing account into an Escrow account. A new account will need to be opened for this purpose.
If the escrow agent is a business rather than an individual, the representative of the business will need to bring additional documents that show they are authorized to act on behalf of the business. The specific documentation required may depend on the type of business entity, such as a corporation, partnership, or LLC. Examples may include corporate resolutions, partnership agreements, or other official authorization forms.