The first thing now a days we come across before seeking any financial service from a broker or so called financial brokers is ESCROW account of the Law firm !!!
Friends, whenever you come across such email from a financial company stating financing conditions which states that the up-front money has to be deposited with the Law Firm and the funds are safe in the Escrow Account of the Law firm !! Just ignore it !!!! Its a trap to squeeze your hard earned money..
Below are the most common tricks and advertising the joker brokers ( scammers) will do. to lure you , and shall demand you to escrow a small amount starting from a scrach of 1 % to a final sum of 10 % .
1) We provide non recourse project finance, no collateral required, no credit history check required. 10 % of the total financial assistance to be deposited in the financiers account .
2) Borrow funds just in 72 hours @ 3 % per annum. 3 % money to be es crowed with the Law firm. ( Luckily the law firm in nothing more but a dummy company formed by the scammers to win your confidence)
3) Finance against Financial Bank Guarantee the Poor borrower is asked to issue a financial bank guarantee in favor of such a firm or company whom he/she has never heard of yet the financials woes would sound as if the borrower is dealing with AAA rated financial company.
4) Arbitrage Programme. Limited entry of participants. Kindly send the CIS and the proof of funds duly certified by the bank . ( this is used to steal the identity )
5) One Million Trade Platform – funds are blocked in client’s own accounts. Funds paid weekly.
6) Five Million Trade Platform – funds are blocked in client’s own accounts. Funds paid weekly. – Liquid assets – 40 weeks trade.
7) Hundred Million Trade Platform – funds are blocked in clients own account. FED approved trading platform.
Many much more crap is floating in the streets of the financial world.
But the questions still arises, does the Escrow account exist. ? The answer is yes the escrow account very much exists and it exists for real transactions only.
Why does some one follow the escrow account procedure ? The answer is when two business groups are new to one another and want to strike a financial deal, they want to appoint a financial arbitrator which shall hold the equal safety for both the business owners. At this moment, The Banking Escrow account steps in .. Banks are one of the most trusted entity when it comes to financial safety. Both the business groups as per their conditions escrow the finalized amount with the bank and proceed to their work. Banks do charge a fair amount of fee to provide the service. when finally the condition as per the agreed as written in the agreements during the time of Escrow, the bank releases the payment to the concerned company hence safeguarding the financial interests of both the parties.
Law firm also provides the services of escrow . But you need to check the background of the Law firm.
Thats all for today in terms of ESCROW Accounts !!!