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What does the state consider a bank trust account, and why do I need it to be in state compliance?
Trust Accounts Explained
An account in trust or trust account refers to any financial bank account opened by an individual and managed by a designated trustee for the benefit of a third party in accordance with agreed-upon terms. The paying out of the client escrow funds from the trust account should only occur when paying for what the funds were intended for or returning the funds. The only time it is acceptable to move money from a trust account into an operating-account, is when you are disbursing earned commissions or fees, which are reimbursing for invoices paid from the operating account in advance and on behalf of the client.
Random Spot Inspections
Commissions randomly perform spot inspections of trust accounts belonging to Brokers-in-Charge or different types of companies or firms. The purpose of the random spot inspections is to reduce the incidence of misappropriation and mishandling of trust funds by monitoring compliance with the procedures and record-keeping requirements established by the individual Commissions. The Commission's focus is on the accounting record-keeping of the funds and the proper management of trust monies and trust accounts. Although these programs often uncover gross improprieties such as commingling, deficit spending, and conversion, it also successfully raises the overall level of compliance and understanding of the trust account rules.
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12 Months (First Time Purchase)
$450
- 12-month Software Usage
- Data Storage
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Annual Renewal Fee
$250
- 12-month Software Usage
- Data Storage
- Daily Backups
- Continuous Free Upgrades
- Phone and Email Technical Support
Data Entry for Hire
$50/Hour
*For beginner users only