Paymasters Group is a trusted eCheck depository and issuer.
We focus on building, issuing, holding and using eChecks. Our Escrow Attorney receives, verifies and holds eChecks on deposit; and issues eChecks from bank accounts worldwide.
Paymasters Group escrow services include:
- hold in safekeeping eChecks with verifiable bank balances
- arrange settlement of any payments and sales and deliveries in/out of such eChecks and currency
- collect information on and income from such eChecks (e.g service fees, commissions, profit sharing, and other incentives) and administer related tax withholding documents and foreign tax reclamation
- administer voluntary and involuntary corporate actions on eChecks held such as proof of funds, verification of deposits, demand guarantees, or SWIFT messages
- provide information on the eChecks and their issuers such as annual general meetings and related proxies
- maintain currency/cash bank accounts, effect deposits and withdrawals and manage other cash transactions
- perform foreign exchange transactions
- often perform additional services for particular clients such as mutual funds; examples include fund accounting, administration, legal, compliance and tax support services
We are global custodians, safekeeping eChecks for our clients in multiple jurisdictions around the world, using their own local branches or other local custodian banks to hold accounts for their respective clients.
Notice: The ultimate bank account holders are still the legal owners of the funds. They are not merely beneficiaries of the custodian as a trustee. The custodian does not become at any point the owner of the eChecks, but is only a part of the registration chain linking the owners to the eChecks. Global eChecks safekeeping practices vary substantially in various jurisdictions.