HERNDON, Va.–REALTORS Federal Credit Union, a division of Northwest FCU, has begun offering real estate escrow accounts.
The credit union, which exclusively serves members of the National Association of REALTORS, said it had worked with NCUA to bring about new rules allowing the accounts, and now offers the option to choose a share-insured account with no minimum balance or monthly service fees to house their clients’ earnest money deposits.
The account gives real estate brokers a choice in where to house clients’ earnest money deposits during the transaction process—an opportunity not available before the credit union lobbied the cause, REALTORS FCU said.
“Our mission is to deliver unique financial services that are integral to the financial success of our members. We know our members, and we’re passionate about finding solutions that allow us to meet all of their financial needs under one roof,” said Senior Vice President Victoria Gillespie in a statement. “This is a great win for our members and the credit union industry as a whole. We’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.”
According to the credit union, real estate professionals often find many fees associated with these accounts at other financial institutions; the credit union’s real estate escrow account is free to open, and has no minimum balance or monthly maintenance fees.