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Opening A Sub Account Without A Beneficiary

How to open a subaccount for a tenant that does not have beneficiary

Brian Reardon avatar
Written by Brian Reardon
Updated over a week ago

ZEscrow Clients can open subaccounts for tenant security deposits directly within our Business Online Banking platform. If the interest earned is not reported to the tenant you can select "No Beneficiary" as the Beneficiary Type.

Prior to opening a new subaccount, you will need to deposit the funds for the security deposit into your ZEscrow account in Business Online. Once the account is funded, the funds will be actionable in the ZEscrow platform the following day.

When funds are available, a client can fund the individual subaccounts by following these steps:

  • Select "Login to ZEscrow" which is located below your accounts on your main online banking dashboard.

  • Select the ZEscrow tile and then "New" in the top left corner. Then select "New Subaccount". From here, you can enter a unique "Account Name/ID" in order to easily identify the account from the dashboard. For instances where the accounts are not required to gather tax doc you can select "No Beneficiary". You will then not be prompted to upload a W8 or W9.

  • After selecting "No Beneficiary", you will then be prompted to fund the tenant account. Funds will move from the associated master account to the individual tenant account. It will take a business evening for the funds to transfer from the master to the tenant account.

  • You can then select the pencil icon on the left side of the screen and enter in the specific details tied to that tenant account.

  • The transfer statuses will automatically change from "scheduled" to "pending" to "reconciled". Once reconciled, the tenant account opening process is complete.

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