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The ACH Network is at the center of commerce in the U.S., moving money from one bank account to another through Direct Payment via ACH transactions. Each year, the ACH Network moves more than $40 trillion and nearly 23 billion electronic financial transactions, and currently supports more than 90 percent of the total value of all electronic payments in the U.S. As such, the ACH Network is one of the largest, safest and most reliable payment systems.
The Federal Reserve’s Automated Clearing House (ACH) timeframe for processing and settling payments is the same whether submitting it electronically (online) or physically delivering a check to the bank. It takes approximately four (4) business days (excludes weekends and Federal holidays) to settle and deposit the funds into the recipient’s bank account. TrustFunds makes this process much more secure than carrying around a paper check, and begins the depositing process sooner than checks are typically delivered to the bank. Remember, the 4 day process does not begin until the bank receives the check. This can save numerous days in the settling process by using TrustFunds.
With PayPal and Venmo, although payments through a variety of payment applications are electronic, it still requires the buyer in the transaction to ‘connect’ to the trust account holder’s bank account. It is highly unlikely that a Recommend Designated Trust Account Holder (DTAH) would connect its trust account to these applications.
With the bank transfer, most payments made via a bank’s bill pay service are paper checks that are issued by a third-party vendor. Often the amount of time it takes for the payment to be processed and mailed will result in an untimely payment. In addition, the buyer would have to input detailed information regarding the trust account holder’s account. With TrustFunds, all of the work is done for you!
TrustFunds is a fairly simple integration and, depending on the schedule of the MLS vendor, the process is typically 2-4 weeks.
Yes. Currently TrustFunds has integrated with all the major MLS vendors and would certainly work with any MLS that may have a different platform. For the technology to function, MLS data is received via API or RETS feed.
We’re excited to help you add more value for your members by adopting TrustFunds. Click here to schedule a personal call to learn how you can join the electronic earnest money movement!
Yes, any MLS service in the United States can sign up. We have worked with all major MLS platforms, as well as custom platforms. The heavy lifting is on our side, not yours!
To see a list of MLS markets partnered with TrustFunds, click Get Started. If you are interested in brining TrustFunds to your market contact us today!
TrustFunds provides a market-wide solution for your members by integrating into your MLS system as a core service. This greatly benefits your members by having the MLS research and integrate the product, resulting in a single tool in the market and greater market adoption. In addition, most of the transaction details are auto-populated from the MLS listing data for convenience as well as complete and accurate reporting.
We have worked with all major MLS platforms, as well as custom platforms. The heavy lifting is on our side, not yours!
An Earnest Money Holder or Designated Trust Account Holder (DTAH) is what TrustFunds calls the entity that holds earnest money in its trust account(s). These entities may include real estate brokers, title companies, escrow companies, and law firms. When using TrustFunds, the buyer’s agent designates the appropriate party to hold the funds, as identified in the signed purchase agreement between buyer and seller.
The MLS and the Earnest Money Holder must be members of TrustFunds. Membership is not required for companies not holding earnest money in their own trust account. For example, if funds are held by the Listing broker, the Buyer’s broker doesn’t need to be a member for its agents to generate a payment request for the buyer.
TrustFunds is a month-to-month service with no contract term. All terms and fees are provided during the registration process. To start the registration process click here. If considered unacceptable, simply abandon the registration process at any time with no obligation to join.
No. Registration is for the entire company (per MLS market) and individual office registration is not needed.
Yes. An Earnest Money Holder can have any number of trust accounts necessary to operate its business. TrustFunds is designed to direct earnest money payments from buyers to the correct trust account based on the management of the trust accounts. For example, an Earnest Money Holder may have two trust accounts if licensed in two states; one trust account for transactions in one state and another trust account for transactions in another state. In addition, Earnest Money Holders may have different trust accounts for each office.
The transaction information in the transaction table is available at any time. By default, the transaction table will show 60 days of activity and include properties that have not closed as per the MLS data. Earnest Money Holders continue to have access to the transaction data and the Deposit Reports indefinitely, provided they are an active member of TrustFunds.
No. An earnest money payment is sent from the buyer’s bank account to the designated trust account Earnest Money Holder's existing trust account. The Earnest Money Holder does not need to change its trust account(s), nor manage them any differently.
Full reporting and file export is available to Earnest Money Holders in their TrustFunds Account.
The Earnest Money Holder registration is a simple on-line process. You can fill out an application right on our website, by clicking "Get Started." Underwriting to activation takes about 3-5 business days.
Yes. TrustFunds is a full-service payment technology. TrustFunds not only allows buyers to make earnest money deposits, we also allow an Earnest Money Holder to refund the money electronically with all of the same reporting and notification benefits. The Earnest Money Holder does not need the buyer's account information to issue a full or partial refund. TrustFunds will return the funds to the account from which it was paid.
Absolutely not! Every agent who is a member in good standing with the MLS is automatically set up to use TrustFunds. In addition, agent roster data is automatically updated via a MLS data feed through TrustFunds.
The MLS will integrate with TrustFunds first, and only the company that holds the earnest money (broker, title company. or law firm) will need to be a member.
No worries! TrustFunds proprietary software will govern which bank account will receive the earnest money deposit. There is no risk that a human will select the wrong account, as they need only select the company.
Seconds! All the agent needs is the buyer's name, email address and escrow amount. Since TrustFunds is integrated with data through the MLS, information such as property, broker, and agent details are auto-populated. Making the process faster and more accurate.
Yes! TrustFunds is a great communication tool in the transaction. Contact information about both agents are auto-populated from the MLS data to guarantee the notices are sent without any manual input. In addition, agents may set up their notification preferences in their personal profile.
FREE! Nothing! Zilch! Nada!
An Earnest Money Holder or DTAH is what TrustFunds calls the entity that holds earnest money in its trust account(s). These entities may include real estate brokers, title companies, escrow companies, and law firms. When using TrustFunds, the buyer’s agent identifies the party to hold the funds, as per the signed purchase agreement between buyer and seller.
Yes, all agents of a participating MLS have the ability to use TrustFunds when representing buyers, provided the company holding the escrow funds is a TrustFunds member.
The buyer’s agent will create an Earnest Money Request for a specific property by populating the buyer's name, email and escrow amount. This will automatically generate an email notification to the buyer that includes access to a secure payment form to pay online. This entire process takes just a few minutes.
Yes. TrustFunds is a full-service payment technology that not only allows buyers to make earnest money deposits but also allows an Earnest Money Holder to refund some or all of the payment electronically with all of the same reporting and notification benefits.
No. TrustFunds uses the MLS property data for all transactions.
In the agent profile, an agent may choose to enable or disable notifications that will be generated each time the transaction status is updated. In addition, an agent may view all transaction data at any time in their Transactions table.
The Buyer or Buyer’s agent may download PDF proof of TrustFunds Payment History Report, which provides all of the details of the earnest money payment.
No. Buyers will only submit earnest money in response to receiving an Earnest Money Payment Request Notification from their agent. Agents must certify as part of the Earnest Money Payment Request that there is a valid purchase agreement between buyer and seller.
The escrow money is deposited into the Earnest Money Holder's trust account and therefore, a cancellation of purchase agreement and the refund of earnest money is processed in the same manner as if the buyer had written a paper check. One additional benefit of TrustFunds, the Earnest Money Holder has the capability to electronically refund the escrow money to the buyer.
In the Earnest Money Payment Form, the buyer identifies the name of the bank account holder for the account from which the earnest money is coming. That information appears in the Payment History Report in TrustFunds. In such event, the buyer’s agent should confirm whether or not it is acceptable to the buyer’s lender that the escrow funds is coming from someone other than the buyer (i.e. gift funds).
Yes, TrustFunds supports the real estate team concept. An agent may simply modify their profile to establish their team. All team members have access to the transaction data in the transaction tables.
The buyer’s agent could include language in the purchase agreement informing the seller that it is the buyer’s intention to submit the earnest money electronically using TrustFunds.
TrustFunds is faster than a paper check! Both process through the Automated Clearing House (ACH) but with TrustFunds you can skip the delivery and deposit timeframes, the buyer’s payment is submitted directly into the ACH processing network. Plus, the transaction status is immediately available to all parties involved in the real estate transaction.
First, your real estate agent will create a request via TrustFunds which triggers an email to you. Click the button in the email to access your secure payment form and complete with the routing and account number from which the funds should be debited.
No. TrustFunds does not require you share your login information or any portion of your social security number.
TrustFunds, through its ACH vendor partner, underwrites each and every company that registers as an Earnest Money Holder to receive earnest money payments. Payments are made to the Earnest Money Holder noted in your purchase agreement, as selected by your real estate agent.
We take security seriously. TrustFunds maintains physical, electronic, and procedural safeguards that comply with or exceed industry standards to protect non-public, confidential information. Your bank information is encrypted at rest and in transit, and deleted as soon as the transaction has begun processing.
If a paper check were used, anybody who sees the check (a photocopy, or photograph) has access to your account information. With TrustFunds, your account information is kept private and automatically discarded as soon as the transaction is processing.
No. TrustFunds allows payment from either a checking or a savings account, using the routing and account number.
TrustFunds uses the ACH network to process payments securely, and all payments will fully complete in 4 business days. You may see funds leaving your account as early as the first day, depending on how quickly your bank processes these transactions.
All earnest/escrow money payments are held by the party designated by your agent when sending the request. Typically, this is a broker, title company or law firm who maintains a real estate trust account, and is designated on your purchase agreement. Your agent will be able to provide more information if needed as well!
Please work with your real estate agent to request a refund of your earnest money, if needed, from the Earnest Money Holder. This is the party chosen to hold the funds. TrustFunds is not able to issue refunds on their behalf.
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