REALTORSÂ® Federal Credit Union, a Division of Northwest Federal Credit Union, recently lead the charge to bring the credit union industry real estate escrow accounts. The Credit Union, which exclusively serves members of the National Association of REALTORSÂ® (NAR), worked with the National Credit Union Administration (NCUA) to bring about change in legislation effective January 27, 2016.
The credit union will offer these accounts on March 1, 2016, allowing eligible members the option to choose a share-insured account with no minimum balance or monthly service fees to house their clientsâ€™ earnest money deposits.
The account gives real estate brokers a choice in where to house clientsâ€™ earnest money deposits during the transaction processâ€”an opportunity not available before the credit union lobbied the cause.
â€śOur mission is to deliverÂ unique financial servicesÂ that are integral to the financial success of our members. We know our members, and weâ€™re passionate about finding solutions that allow us to meet all ofÂ their financial needs under one roof,â€ť says Senior Vice President Victoria Gillespie. â€śThis is aÂ greatÂ win for our members and the credit union industry as a whole. Weâ€™re thankful that Congress, and our regulatory agency, NCUA, have provided the opportunity for credit union members to have access to this valuable service at their chosen financial institution.â€ť
Real estate professionals often find many fees associated with these accounts at other financial institutions; the Credit Unionâ€™s real estate escrow account is free to open, and has no minimum balance or monthly maintenance fees.
â€śREALTORSÂ® Federal Credit Union is a secure and innovative financial services provider, formed to serve the unique banking needs of REALTORÂ®,â€ť says National Association of REALTORSÂ® President Tom Salomone. â€śThe option of a broker escrow account is just one more example of how REALTORSÂ® Federal Credit Union is a world-class benefit for our members.â€ť
For more information, visitÂ www.REALTORSFCU.org.