The high price of poor client services

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Nearly 20% of all our new clients transfer to Escrow Associates from another software escrow provider for one reason; they have paid the high price of poor client services with another software escrow provider. 

The common complaints that we hear are:

1.  The escrow agent cannot accurately handle my account details. Typically this complaint is centered around accurate record keeping:

• Beneficiaries have not been enrolled in a timely or accurate fashion.
• Deposit materials have been misplaced.
• Their Client Services representative changed every time they needed assistance.

2.  The cost of the escrow service became excessive.

• Escrow costs - Some providers employ a service model that requires the software depositor to open a new agreement for virtually every conceivable activity (i.e. adding a new product to the escrow agreement or changing a few escrow terms for a new beneficiary).
• Internal (“soft”) costs – More escrow agreements mean more legal, engineering, contracts and purchasing time is required.  In the typical scenario the depositor’s soft costs more than double the actual escrow fees on an annual basis.