At Westfield Bank, we offer an array of deposit account products designed to help property managers and realtors meet their unique financial challenges.
In addition to traditional checking, money market, sweep, and zero balance accounts, we also offer escrow management accounts which consist of a master checking account and separate sub savings accounts designed to hold clients’ escrowed funds. An easy-to-read monthly statement is provided for each master and sub account, keeping things simple and organized.
Checking & Money Market Accounts
| Account Type | Ideal for: |
|---|---|
| Small Business Checking | Businesses that process < 500 items per month |
| Commercial Checking | Businesses that process > 500 items per month |
| Business Money Market & Certificates of Deposit | Businesses seeking to maximize interest on excess deposit balances |
| Commercial Investment Sweep Account | Businesses that want to maximize earning potential by automatically transferring excess cash into an interest-bearing account |
| Zero Balance Account (ZBA) | Businesses looking for an easy way to manage multiple disbursement accounts such as payroll and accounts payable by drawing the exact amount of funds needed to pay disbursements automatically from the main account to the ZBA account(s) |
Escrow Management Accounts
| Account Type | Ideal for: |
|---|---|
| Escrow Management Master Checking | Agents who manage escrow funds |
| Escrow Management Sub Savings | Interest bearing account |
Interest on Real Estate Brokers Trust Account (IOREBTA)
Westfield Bank participates in the State of Connecticut’s IOREBTA program. Interest earned from residential and commercial escrow accounts is collected and used to provide down payment assistance for low- and moderate-income mortgage applicants.
To learn more, contact a member of the Business & Government Deposit Services team today.
