escrow account definition

escrow account

Accounting: Account in which funds are accumulated for specific disbursements.

Banking: Account to which an accountholder makes monthly or other periodic deposits, and authorizes the bank to withdraw funds to pay for certain fixed obligations such as taxes, rent, insurance premium.

escrow account is in the Accounting & Auditing and Banking, Commerce & Finance subjects.

escrow account appears in the definition of the following term: trust account

This content can be found on the following page:

http://www.businessdictionary.com/definition/escrow-account.html