Client Fund Manager (CFM) is an escrow bookkeeping checking account specifically designed for individuals or organizations that act as escrow agents for third parties, such as:
Real estate companies handling earnest money
Title companies handling escrow deposits
Property managers handling security deposits
Brokerage companies managing real estate investment funds
Attorneys
Funeral home operators
CFM simplifies bookkeeping and tax reporting by linking multiple interest bearing and non-interest bearing “client” accounts to a single “master” commercial checking account.
Among the benefits of CFM:
Keeps track of funds that move in and out of your client accounts
Generates a single, consolidated statement for the entire CFM relationship
Creates and mails 1099 tax reporting to you or your clients
Deducts service charges for each client account from the master account
Reduces costs and complex accounting systems required to manage client funds
Allows up to 1,000 client accounts per master account
Contact a Wachovia Relationship Manager for more details.