Trust Account Management
Meracord, formerly NoteWorld Servicing Center, has over 30 years experience in client trust account management and has handled hundreds of millions of dollars of transactions.
What is a trust account and why is it important your payment servicer has one?
A trust account is a bank account in Meracord’s name where money belonging to our customers is deposited and held. Meracord provides this service for its customers to ensure their money is safe and protected while they strive to fulfill their contract or promise. This includes maintaining an accurate history of all receipts and disbursements, carefully monitoring customer account balances, and daily reconciliation of the account records, just to name a few.
Because of the extensive records Meracord maintains on each of its customers’ accounts, the money we hold for each customer is FDIC insured up to the maximum amount. The money we hold in trust belongs to the individual customer who maintains full rights to their money at all times. As a custodian of the trust account, Meracord has no ownership over the money in the customer trust accounts. Nor do we earn or receive interest from the money on deposit in the trust account. Our job is to follow the contract or promise our customers have made and to ensure the safe and accurate handling of their money as our customers strive to achieve their financial goals.