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This brings us to the narrower question of who does a good job with escrow accounts? You’ll probably want to select a Texas financial institution – one with FDIC insurance on it. FDIC protects each account against the possibility of a bank failure.
Also, note that under Paragraph g of the same section, brokers may, but are not required to, maintain separate accounts for funds received as earnest money and security deposits. However, my recommendation would still be to maintain segregation. Commingling funds is usually seen as less than optimal practice for a fiduciary.
Writing about personal finance and investments since 1999, Jason Van Steenwyk started as a reporter with Mutual Funds Magazine and served as editor of Investors’ Digest. He now publishes feature articles in many publications including Annuity Selling Guide, Bankrate.com, and more.