Proven process executed by experts

FAStek sends an information form to our bank and they get a bank account setup. They send us the forms that need to be signed and we get those to the client for signature.

Typically, only FAStek has access to the escrow account. We track every transaction, so the bank knows the account is for FAStek use only.

When the tax department completes a company’s setup, the company’s information is sent to FAStek Treasury. Treasury double checks the payments the customer makes matches the ledger and any additional fees or charges we have for the company. We have a formula we use that estimates how much money FAStek needs clients to fund each month, taking into account what was in the bank account and the amount of “float” FAStek has decided should be kept in the account.

FAStek has a template that we email clients with their ledger showing them all payments and amounts being paid.

Yes, at the end of the month, all statements, final ledgers, and bank reconciliations are posted to the customer’s portal.

We do get questions about tax ledgers when the requests are sent over. As part of the process, we recommend clients have training on how to read ledgers by our tax personnel.

FAStek provides multiple ways to fund the escrow account including Wiring/ACH, local deposits or mailing a check to us for deposit.