| All trust account interest is routed through Bank Iowa, in
Altoona. The contact at the Bank Iowa Altoona Office is Barb
McGrean, and her phone number
is
515-967-7283.
She
can answer
all
questions
any REALTOR® member or banks/financial institution may
need regarding forwarding the interest on trust accounts.
If the bank desires to mail the interest to Bank Iowa the
mailing address is the following:
BANK IOWA
420 8th St. SE
Altoona, Iowa 50009
To Deposit in to the "Iowa Association of REALTORS® Foundation" account:
Foundation
Account number is 305324
For wire transfers the ROUTING number
is 073902245
The Iowa Association of REALTORS® Foundation Tax ID number
is 42-1323436. This information may be necessary for 1099 reporting
when reporting the interest to the IRS.
Remember the purchase agreement or any other written contract
between the seller and buyer needs to have language stating
the interest on the transaction shall be forwarded to the Iowa
Association of REALTORS® Foundation.
Note: new accounts do need the Iowa Real Estate Commission "Consent
to Examine" form filled out. The form may be downloaded
by clicking the following link Consent
to Examine. The same rule of having the word "TRUST" in
the new account still is applicable, and brokerages may close
out
the
old accounts
once the new one is up and running.
Also for your use is the Interest
Remittance.
If you have any more questions or thoughts contact Barb at
the bank, or Paul McLaughlin at the Iowa Association of REALTORS®.
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