Impound Account

An impound account, also known as an escrow account, is a specialized financial account used to hold funds securely until specific conditions of the agreements are met. It acts as a neutral third-party holding ground, ensuring a safe and controlled exchange of money between two parties involved in a transaction. Escrow accounts provide a secure and reliable way to manage the flow of funds in a transaction where some level of uncertainty or risk exists. They guarantee that both parties fulfill their obligations before any money is exchanged.