I have worked at a few SilverLake banks that ran Landlord/Tenant Security Deposit Tracking from JHA.  It was supposed to do some of the things you are describing here, but I think in general it fell short of expectations.  Still, it might be worth seeing what development efforts have been made over the past several releases.

 

Thanks,

 

David

 

 

In my past banking experience I was with an organization who used a different core solution, and we had the capability to build an Escrow management system that we contracted customer with through Cash Management.  The basis of the functionality was the ability to open a Master (or disbursement checking account) and have one or hundreds of sub-escrow accounts tied underneath it.  While I think we could pull a basic program together using the tools we have today, the complicated part is the complex reporting customers expect with this type of service offering.  The product I’ve used in the past gave us the ability to do a combined statement that showed the Master account and all the sub-accounts underneath it, and equally important, gave us the capability to split the monthly interest between the Master account and the individual subs (ie. 1% transferred to the Master checking account and the remainder posted to the savings sub-account).  This type of account is very popular for attorney or property management firms where it is important to keep the funds separate, but also have the capability to split that interest however their contract dictates.  The critical part of the product offering is reporting, as the more complex customers typically need something that systematically reports on the entire relationship clearly and accurately for reporting purposes.  There are many nuances to these types of setups such as requirements about the SSN the sub accounts are built under and where the statements are mailed. 

 

Is anyone using a product like this today, or ever tried to explore something similar with JHA?  I didn’t see anything that seemed to cover this type of functionality within the JHA product listing.  Thank you for your time!

 

 

Jason Thomas

Vice President

Electronic and Commercial Services

 

4750 Lindle Rd | Harrisburg, PA 17111
Phone: 717-709-3056

 

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