Escrow Funds

Funds that are held by a third party on behalf of two parties in a transaction and are released when the terms of the transaction are met.

More Details

An escrow fund is a financial arrangement where a third party holds and regulates the payment of funds required for two parties involved in a given transaction. The funds, or the item being exchanged, are held by the escrow agent until all of the terms of the agreement are met.

Example

You are making a large online purchase, and you notice that your payment first goes in an escrow fund, which provides extra security for both until the item is received and confirmed to be as described.

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