Trust Account Remittance
If the bank desires to mail the interest to Bank Iowa the mailing address is the following:
420 8th St. SE
Altoona, Iowa 50009
To Deposit in to the "REALTOR® Foundation of Iowa" account, please contact us for the account information.
The REALTOR® Foundation of Iowa 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 REALTOR® Foundation of Iowa.
Note: new accounts do need the Iowa Real Estate Commission "Consent to Examine" form filled out. The form may be downloaded in Form Simplicity. 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 (The form may be downloaded in Form Simplicity).
If you have any more questions or thoughts please contact a representative at the bank 515-967-7283, or call the Iowa Association of REALTORS® 800-532-1515.