impound account

impound account definition - business

impound account

An account established for future needs. For example, a lender may set up an impound account into which a homebuyer prepays recurring expenses such as insurance and taxes. Also called escrow account.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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