Escrow Transactions

IBS 2.7 > Group Administrator: Transactions

The funds in your escrow account are actually held in PayPal. There are four types of transactions that may occur in your escrow account.

• Escrow Deposits: You may make deposits into your escrow account via PayPal using a credit card. PayPal processing fees apply to each deposit transaction.
• Escrow Refunds and Withdrawals:
• Within 60 days of an escrow deposit, a withdrawal request (up to the amount of the deposit) is processed as an escrow refund. The full amount requested, as well as the pro-rated PayPal processing fee, will be refunded to your Group’s credit card.
• If you have not made an escrow deposit within the last 60 days, the refund request will be processed as an escrow withdrawal. The funds will not be returned to your credit card. Instead, withdrawals are transferred to your Group’s bank at the next Period End Processing. The PayPal processing fee will be forfeited.
• Replenishment: IBS automatically replenishes your escrow account from your Group’s earned income (if funds are available) during each accounting cycle. Replenishment restores the account balance to the recommended level. No fees are charged for this transaction.

To view a history of transactions in your escrow account, or to initiate an escrow transaction, select Group Administrators > Transactions > Escrow > Escrow Activity.

Viewing your transaction history: 

The Escrow Activity table shows all transactions that have occurred in your escrow account. You can sort this table by clicking on any of the column headings. You can also choose to see more or fewer columns, by clicking the “column picker” (the small button just above the right-hand column of the table). To view complete details about a particular transaction, click the transaction number.
 

Making a deposit:

1. Click Deposit (located above the right-hand column of the transaction history table).
2. Enter the amount you wish to deposit , then click Deposit.
3. The total amount to be charged to your credit card (including the PayPal fee) is displayed. Enter your credit card information and ensure that your billing information is correct, then click Make Payment.

Requesting a withdrawal (or refund):

Each withdrawal or refund is charged against a specific deposit. (If you want to withdraw an amount greater than the amount of a single deposit, you may repeat this process to request withdrawals from multiple deposits.)

1. In the table of transactions, locate a deposit from which you want to request a withdrawal.
   
   Remember, if you have made a deposit within the past 60 days, a withdrawal from that deposit is processed as an escrow refund, which includes the PayPal fee you paid at the time of deposit. The refund will be credited to your credit card within a few business days.
   
   If the deposit from which you are requesting a withdrawal is older than 60 days, you will not receive a refund of the PayPal fee. The requested withdrawal amount will not be credited to your credit card; instead, it will be transferred to your bank account at the time of the next Period End Processing (PEP).
   
   
2. In the Action/Status column, click Withdraw. Enter the amount you wish to withdraw. 
   (Note: IBS will not allow you to withdraw an amount that is larger than the original deposit.  Similarly, if you have previously requested a partial withdrawal from that deposit, you will not be able to withdraw an amount larger than the remaining balance of the deposit.)
    
3. Click Withdraw Deposit. The requested amount will be credited to your credit card (escrow refund) or set aside to be transferred to your bank account at the next PEP (escrow withdrawal).

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