Capital One Escrow Express SM Reference Guide

Transcription

1 Capital One Escrow Express SM Reference Guide

2 Table of Contents Overview 2 Accessing Capital One Escrow Express 2 About the Capital One Escrow Express Menu 4 About the Master Account Summary 5 Creating a New Escrow Sub Account 6 Submitting a W9 to the Bank 11 Viewing Escrow Sub Accounts for a Master Account 12 Select Escrow Account 12 Manage Account Option 15 Making Changes to Escrow Sub Accounts 16 Editing an Escrow Sub Account 16 Closing an Escrow Sub Account 18 Managing Transactions 20 Allocating Funds to Escrow Sub Accounts 20 Transferring (Disbursing) Funds to the Master Account 24 Viewing/Deleting Pending Activity 27 Viewing/Printing Processing Alerts 29 Viewing/Printing/Downloading Transaction History 30 Master Account Transaction History 30 Escrow Sub Account Transaction History 32 Accessing Statements 35 Master Account Statements 35 Escrow Sub Account Statements 37 Viewing Activity Reports 38 Splitting Interest 38 Glossary of Terms 39

3 Overview Capital One Escrow Express is a virtual sub-accounting system that lets you manage virtual Escrow Sub Accounts securely and efficiently online. Once you enroll through Intellix, SM you will be able to create virtual Escrow Sub Accounts, manage transactions and access statements. Let s get started Accessing Capital One Escrow Express 1 Within Intellix, from the Services menu, select Master Accounts List under Escrow Express. The Master Accounts List displays. Capital One Escrow Express Accessing Capital One Escrow Express 2

4 2 Select the desired Master Account. The Master Account Summary screen displays: NOTE: A Timeout Warning pop-up will display in a separate window after 15 minutes of inactivity. If this warning displays, click Continue Session to extend the session. All information not submitted will be lost unless the session is extended. Capital One Escrow Express Accessing Capital One Escrow Express 3

5 ABOUT THE CAPITAL ONE ESCROW EXPRESS MENU Located at the top of every page, the menu provides links to all Capital One Escrow Express functions. Master Accounts View transactions and retrieve statements at the Master Account level. Escrow Accounts View transactions and retrieve statements at the Escrow Sub Account level. NOTE: Escrow Sub Accounts are referred to as Escrow Accounts in Capital One Escrow Express. Transactions Perform allocations to Escrow Sub Accounts, perform transfers (disbursements) to and from Escrow Sub Accounts, and view pending activity. Capital One Escrow Express Accessing Capital One Escrow Express 4

6 ABOUT THE MASTER ACCOUNT SUMMARY The Master Account Summary includes information about your account, including the following: Master Account: Your Master Checking Account Number (also known as the DDA). Last Processing Date: The last day transactions were posted on Capital One Escrow Express. Current Date: Today s date. Next Processing Date: If performing transactions outside of bank hours, the Next Processing Date will reflect weekends and Bank holidays. Processing Alerts: Items requiring your attention. Total Account Balance: Master Checking Account balance at the time the session was opened. For reconciling purposes, always use the Master Checking Account Statement. Current Master Balance: Amount that was not allocated as of the beginning of the day. Available Master Balance: Amount that is currently available for allocation. Number of Escrow Accounts: Number of Escrow Sub Accounts. Total Number of Open Escrow Accounts: Number of open Escrow Sub Accounts. Total Number of Closed Escrow Accounts: Number of closed Escrow Sub Accounts. Current Escrow Balance: Sum of funds in Escrow Sub Accounts as transactions are completed during the day. Available Escrow Balance: Sum of funds already allocated to Escrow Sub Accounts as of the beginning of the day. Below the Master Account Summary is the Information Messages section. Messages from Capital One Bank including a note to review Processing Alerts, if necessary. Capital One Escrow Express Accessing Capital One Escrow Express 5

7 Creating a New Escrow Sub Account 1 Click the Create New Account option from the menu. The New Escrow Account screen displays. 2 Select the Product from the drop down. NOTE: The Opened Date defaults to today s date. This date can be backdated or future dated by up to 30 days, but cannot be prior to the Master Account s open date. The Opened Date can be changed for new accounts only. If this date must be changed, the account can be closed and a new account opened. Additional fields may display depending on the Product selected. Capital One Escrow Express Creating a New Escrow Sub Account 6

8 3 Enter information in the appropriate fields; guidelines as follows: Reference Contents of this field will be put into the memo line of any official checks that are issued by the bank. This field has an alpha/numeric character limit of 15. Short Name Input a name that may serve as an alternate way to identify the Escrow Sub Account. This field has an alpha/numeric character limit of 15. Item ID The apartment number, client number, case number or some other unique account identifier. This is another way you can associate an Escrow Sub Account to a customer for tracking purposes. Tax Status Select the Tax Status, choices are as follows: W8 COMPLETE W8 INCOMPLETE (Federal Backup Withholding at 28%) W9 COMPLETE W9 EXEMPT W9 INCOMPLETE (Federal Backup Withholding at 28%) Capital One Escrow Express Creating a New Escrow Sub Account 7

9 4 Complete the Primary Name and Address section using the following guidance: Name and Address Fields Four names can be associated with the Escrow Sub Account. Tax ID/SSN can also be entered for the first three names entered. For multiple names, the 1099 Tax ID selection field can be used to select which name will receive the Country Select UNITED STATES OF AMERICA. Address Type If address is located in the US, select A UNITED STATES ADDRESS. If the address is located outside the US, select appropriate web format option. Comments/ /Fax fields These are optional. W-8 Expiration Date For display only. Capital One Escrow Express Creating a New Escrow Sub Account 8

10 5 6 Expand and complete the 1099 Name, Address section only if the 1099 needs to be sent to an address other than the Primary Name and Address. NOTE: Leave these fields blank or select the Same as Primary Address checkbox to send the 1099 to the Primary Address. Expand and complete the Statement Name and Address section only if statements need to be sent to an address other than the Primary Name and Address. NOTE: Leave these fields blank or select the Same as Primary Address checkbox to send statements to the Primary Address. 7 Once all fields are completed, click the Submit button. Capital One Escrow Express Creating a New Escrow Sub Account 9

11 The Escrow Account Details screen displays. Capital One Escrow Express Creating a New Escrow Sub Account 10

12 NOTE: The assigned Escrow Sub Account Number displays in the Account Number field at the top. The account Status field displays as Active. If an Escrow Sub Account is opened in error and no allocations or transfers have been entered, the Escrow Sub Account may be deleted the same day by clicking the Delete button. Submitting a W9 to the Bank A W9 is required for every interest bearing Escrow Sub Account in order to prevent automatic federal backup withholding. For convenience, Capital One Escrow Express can produce a W9 form. Click the W9 button to produce a W9 form with prepopulated information from the Escrow Sub Account. Click the Fax button to produce a fax cover form. The fax cover will include the Escrow Sub Account Number and Tax ID fields pre-filled.you can , mail, or fax the forms to the Bank. tenantsecurity@capitalone.com Fax: Mailing Address: Capital One Bank Deposit Escrow Services P.O. Box 3100 Hicksville, NY Capital One Escrow Express Creating a New Escrow Sub Account/Submitting a W9 to the Bank 11

13 Viewing Escrow Sub Accounts for a Master Account SELECT ESCROW ACCOUNT Select Escrow Account provides a list of Escrow Sub Accounts attached to the Master. This option displays balances, pending allocations, pending transfers and a function to view closed Escrow Sub Accounts. 1 Click Select Escrow Accounts under Escrow Accounts on the menu. All Escrow Sub Accounts for this Master Account display. Capital One Escrow Express Viewing Escrow Sub Accounts for a Master Account 12

14 2 To view closed Escrow Sub Accounts, select the No option for Hide Closed Escrow Accounts question. Accounts that are closed display with a line drawn through the account. Capital One Escrow Express Viewing Escrow Sub Accounts for a Master Account 13

15 3 Click an Escrow Sub Account to see detailed information. The Escrow Account Details screen displays. When viewing the Escrow Sub Account, balance information displays at the bottom half of the Escrow Account Details screen. These details are defined below. Balance: Current balance + Interest Accrued: Pending interest not yet posted Federal Withholding: Interest withheld Net Closing Available: Balance + interest accrued Federal Withholding YTD: Interest withheld year-to-date Interest Posted YTD: Interest posted to principal year-to-date Interest Rate: Annual percentage rate Capital One Escrow Express Viewing Escrow Sub Accounts for a Master Account 14

16 MANAGE ACCOUNT OPTION If you have navigated to another Escrow Express function, the Manage Account option allows you to return to the Escrow Sub Account details. 1 Click Manage Account under Escrow Accounts on the menu. The Escrow Account details screen displays. If you have not previously accessed an Escrow Sub Account, then this menu option will not be available. Go to Select Escrow Account option from the Escrow Accounts menu. Capital One Escrow Express Viewing Escrow Sub Accounts for a Master Account 15

17 Making Changes to Escrow Sub Accounts EDITING AN ESCROW SUB ACCOUNT 1 Locate and select the Escrow Sub Account using the Select Escrow Account option from the menu. The Escrow Account details screen displays: 2 Click the Edit button. Capital One Escrow Express Making Changes to Escrow Sub Accounts 16

18 The Escrow Sub Account fields become editable: 3 4 Make necessary edits. Click the Submit button at the top of the screen to update the record. OR To exit without saving changes, click the Cancel button. NOTE: If you select another link from the menu or time out of the application before changes are submitted, all edits will be lost. Capital One Escrow Express Making Changes to Escrow Sub Accounts 17

19 CLOSING AN ESCROW SUB ACCOUNT When an Escrow Sub Account is closed, Escrow Sub Account Principal and any Interest Due is automatically posted to the Unallocated Balance of the Escrow Master Account. There is no need to transfer funds to the Escrow Master Account prior to closing the Escrow Sub Account. 1 Locate and select the Escrow Sub Account using the Manage Account option from the menu. The Escrow Account Details screen displays: 2 Click the Close button. 3 A closing account description promptly displays. Optional description can be entered. Click OK. Capital One Escrow Express Making Changes to Escrow Sub Accounts 18

20 The Escrow Sub Account will be closed and any funds will be disbursed automatically to the Master Account. The Status field on the Escrow Account Details screen updates to reflect the account is closed and the closed date. Capital One Escrow Express Making Changes to Escrow Sub Accounts 19

21 Managing Transactions Transaction functions include allocating funds between the Escrow Master Account and Escrow Sub Accounts, transferring (disbursing) funds from the Escrow Sub Accounts to the Master Account, viewing pending transactions and deleting pending transactions. ALLOCATING FUNDS TO ESCROW SUB ACCOUNTS Allocate Funds option is the method for funding Escrow Sub Accounts from Master Account transactions. Funds not allocated within three days will trigger a processing alert. Funds can be moved in a single allocation to an Escrow Sub Account or as multiple allocations across multiple Escrow Sub Accounts. Allocated funds cannot exceed the total amount of the transaction. FOR EXAMPLE: If two checks in the amount of $100 and $200 each are deposited in the Master Account at the same time, the $300 deposit displays as a single transaction when selecting the Allocate Funds option to distribute the exact amounts to the appropriate Escrow Sub Accounts. In addition, the $300 deposit will be reflected in the Current Escrow Balance and Available Escrow Balance fields on the Master Account Summary screen. 1 Click Allocate Funds under Transactions menu. Capital One Escrow Express Managing Transactions 20

22 The Master Account Transaction Allocation screen displays. If an Escrow Sub Account is in session, it will display at the top of the screen. 2 3 To allocate funds to a particular Escrow Sub Account not already in session, locate and select the Escrow Sub Account by clicking the link. At the bottom of the screen, select the Master Account Transaction from which you would like to allocate funds. The allocation can be a portion of the transaction amount or the entire amount. Capital One Escrow Express Managing Transactions 21

23 In the Allocation area, the Effective Date defaults to the date of the Master Account transaction posting. This date should be changed to a date equal to or later than the opened date of the selected Escrow Sub Account Enter an optional, custom Description to be applied in addition to the default bank description. Select which Escrow bucket to apply the funds, by default the first bucket is selected. Enter Credit Amount equal to the portion of the transaction to be allocated to single Escrow Sub Account (full or partial amount of the transaction depending on how deposit was processed). Click the Submit button to process the allocation. Capital One Escrow Express Managing Transactions 22

24 An Allocation Complete message displays and the Available Balances are updated. The updated Unallocated and Escrow Account amounts display for the Master and Escrow Sub Accounts. 8 Repeat these steps to make additional allocations for this Escrow Sub Account or select a different Escrow Sub Account to make allocations to another Escrow Sub Account 9 To view the Escrow Sub Account after the allocations are complete, from the menu, select Manage Account under Escrow Accounts. The Escrow Accounts Detail screen displays including the balance information. Capital One Escrow Express Managing Transactions 23

25 TRANSFERRING (DISBURSING) FUNDS TO THE MASTER ACCOUNT The Transfer Funds option should be used when you need to move funds from or to Escrow Sub Accounts and back and forth between the Escrow Master Account Balance. When closing an Escrow Sub Account, funds do not need to be transferred first; the close function will automatically post Escrow Sub Account Principal and any Interest Due to the Unallocated Balance of the Escrow Master Account. 1 Click Transfer Funds under Transactions on the menu. The Transfer Funds screen displays. Available Balance is shown for the Master Account and Escrow Sub Account. Capital One Escrow Express Managing Transactions 24

26 If you need to change the Escrow Sub Account, click the Select Escrow Account link. Select the Type of transfer From Escrow to Master Account or From Master Account to Escrow. Enter an optional custom Description to be applied in addition to the default bank description. Enter Amount of Escrow Sub Account to be transferred (full or partial amount depending on purpose). REMINDER: If attempting to close an account, please use the Escrow Sub Account Close function on the Escrow Account Details screen. If the full Escrow Balance amount is transferred using the Transfer Funds option, any interest due will not be posted and the Escrow Sub Account will not be closed. Interest will post to principal on a regular cycle and account will stay open until actively closed. Click the Submit button. Capital One Escrow Express Managing Transactions 25

27 In the Available Balance box, balances are updated and a Transfer Complete message displays. Capital One Escrow Express Managing Transactions 26

28 VIEWING/DELETING PENDING ACTIVITY Pending Activity includes allocations and transfers entered during the current day. When viewing Pending Activity, allocations or transfers can be deleted. 1 Click View Pending Activity under Transactions menu. The Pending Account Activity screen displays and includes processing dates and balance information in addition to the pending allocations and transfers. If an allocation or transfer has not been processed, it can be deleted Once allocations or transfers have been processed by the Escrow system they no longer display on the Pending Account Activity screen. Capital One Escrow Express Managing Transactions 27

29 2 If an allocation or transfer should not be processed, select the Delete checkbox for the allocation. Multiple transactions can be selected for deletion. 3 Click the Delete button. Allocation or transfers are deleted and the Available Master Balance and Available Escrow Balance update. Capital One Escrow Express Managing Transactions 28

30 Viewing/Printing Processing Alerts Processing Alerts advise of unallocated transactions aging beyond three days, W-9s that need to be submitted to the Bank and open Escrow Sub Accounts that have a zero balance. 1 Click Reports under the Master Accounts menu and select Alert Reports from the reports list. The Master Account Processing Alerts screen displays with alerts for the current day. 2 3 Click the Processing Date drop-down to select a different date s alerts. Click the Print button to print the current list of alerts. Capital One Escrow Express Viewing/Printing Processing Alerts 29

31 Viewing/Printing/Downloading Transaction History Transaction history includes allocations and transfers that have been processed. Transactions can be viewed for the Master Account or for a specific Escrow Sub Account. The transaction history can be printed or downloaded if desired. MASTER ACCOUNT TRANSACTION HISTORY 1 Click Transaction History under the Master Accounts menu. The Master Account Transaction History screen displays. Capital One Escrow Express Viewing/Printing/Downloading Transaction History 30

32 2 Click the Print button to view transactions in a separate window and print. OR Click the Download button to save information as a.csv file The selection feature provides the ability to filter transactions that you would want to print or export. Capital One Escrow Express Viewing/Printing/Downloading Transaction History 31

33 ESCROW SUB ACCOUNT TRANSACTION HISTORY Up to 18 months of history can be viewed for each Escrow Sub Account. 1 Click Transaction History under Escrow Accounts menu. The Escrow Account Transaction History screen displays. Capital One Escrow Express Viewing/Printing/Downloading Transaction History 32

34 2 Use Select Escrow Account under the Escrow Accounts menu to select a different Escrow Sub Account. A list of Escrow Sub Accounts displays. 3 Select the desired account, then select Transaction History from the Escrow Accounts menu. Transaction history information displays. Capital One Escrow Express Viewing/Printing/Downloading Transaction History 33

35 4 To select multiple transactions, use the Data Selection feature to filter the transaction list. Below are the various fields that can be used to select transactions. 5 After applying the selection filter, click the Print button to print the transactions. OR Click the Export button to save the information as a.csv file. Capital One Escrow Express Viewing/Printing/Downloading Transaction History 34

36 Accessing Statements Statements are generated monthly. Master Account Summary and Detail statements are available on Capital One Escrow Express by default. However, Escrow Sub Account Detail statements are only available on Capital One Escrow Express. The statements are available on the system for 18 months. If a statement is needed for a different date range, it can be requested and presented the next business day. MASTER ACCOUNT STATEMENTS 1 Click Statements under Master Accounts on the menu. The Master Account Statements screen displays. 2 Click Summary to open the Summary Statement in a new window. The Summary Statement provides a high level view of the Escrow Master Account and starting and ending monthly balances of each Escrow Sub Account. Capital One Escrow Express Accessing Statements 35

37 3 4 5 Click on Detail to open the Detailed Statement in a new window. The Detailed Statement provides a combined view of the transactions passing through the Escrow Master Account and transactions in each of the Escrow Sub Accounts. To request a statement for a custom date range, click the Statement Request tab. Enter the From and To dates and click Create Request. The statement will be accessible from this screen the next day. If a custom statement request has been made in error, it can be removed the same day by clicking the red X next to the date range. Capital One Escrow Express Accessing Statements 36

38 ESCROW SUB ACCOUNT STATEMENTS 1 Click Statements under the Escrow Accounts menu. The Escrow Account Statements screen displays. 2 3 Click the Open Statement link to view a statement in PDF format. The Escrow Sub Account Client Information will display first followed by Information for the Master Account. The Escrow Sub Account Summary Information is next and then the Detail Information. To request a statement for a custom date range, enter the From and To dates and click Request. The request will display on this screen the next day. NOTE: A customized statement request can be canceled if the statement has not been generated by clicking the red X next to the dates requested. Capital One Escrow Express Accessing Statements 37

39 Viewing Activity Reports Activity Reports provide the activity performed in Capital One Escrow Express. The Time and User ID are included. 1 Click Reports under the Master Accounts menu. Select Activity Reports from the list of reports. 2 Click Open Report next to the date to view the report. The report opens in a separate window. Print or save the report if desired. Splitting Interest Interest can be split between multiple parties within the same Escrow Sub Account or between the Master Account and the Escrow Sub Account. Please contact Treasury Management Client Solutions at or TMHelp@capitalone.com for more information Capital One Escrow Express Viewing Activity Reports/Splitting Interest 38

40 Glossary of Terms Escrow Account: Escrow Sub Accounts are referred to as Escrow Accounts in Capital One Escrow Express. The Master Account Summary details: Account Number: Checking Account Number (also known as the Master Account or DDA ). Last Processing Date: The last day transactions were posted on Capital One Escrow Express. Current Date: Today s date. Next Processing Date: If performing transactions outside of bank hours, the Next Processing Date will reflect weekends and Bank holidays. Processing Alerts: Items requiring your attention. Pending Allocations: Number of allocations pending. Pending Transfers: Number of transfers pending. Current DDA Balance: Master Checking Account balance at the time the session was opened. For reconciling purposes, always use the Master Checking Account Statement. Start-of-day Unallocated Balance: Amount that was not allocated as of the beginning of the day. Current Unallocated Balance: Amount that is currently available for allocation. Number of Escrow Accounts: Number of Escrow Sub Accounts. Start-of-day Escrow Balance: Sum of funds already allocated to Escrow Sub Accounts as of the beginning of the day. Current Escrow Balance: Sum of funds in Escrow Sub Accounts as transactions are completed during the day. The Escrow Account Summary details: Opened Date: The date that the Escrow Sub Account was opened. Reference: Contents of this field will be put into the memo line of any official checks that are issued by the bank. Short Name: Used as an alternate way to identify the Escrow Sub Account. Item ID: The apartment number, client number, case number, or some other unique account identifier. This is another way to associate an Escrow Sub Account to a customer for tracking purposes. Tax ID: The Employer Identification Number or Social Security Number. Tax Status: Tax Status, which can be one of the following: W8 COMPLETE W8 INCOMPLETE (Federal Backup Withholding at 28%) W9 COMPLETE W9 EXEMPT W9 INCOMPLETE (Federal Backup Withholding at 28%) Comments: A field for additional comments. Capital One Escrow Express Glossary of Terms 39

41 Balance Information tab: Balance current balance + Interest Accrued pending interest not yet posted Federal Withholding interest withheld Net Closing Available balance + interest accrued Federal Withholding YTD interest withheld year-to-date Interest Posted YTD interest posted to principal year-to-date Interest Rate annual percentage rate Name/Address/Statement tab: W-8 Expiration Date For display only Send to Master 1099 When this checkbox is selected, the original 1099 will be sent to the Master Account address instead of the Escrow Sub Account address. Create Escrow Sub Account Statement Web When this checkbox is selected, the Escrow Sub Account statement will be available on Capital One Escrow Express Name, Address tab: This tab should only be completed if the original 1099 needs to be sent to an address other than the one on the Name, Address, Statement tab or the Master Account (by way of checkbox). Capital One Escrow Express Glossary of Terms 40

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