Market Center Depository Accounts

Q. In some states, closing checks to KW should be deposited into a depository account, and then the money should be transferred to the operating account in order to pay bills. How does this work in states where KW gets all the money and the Market Center has to cut the check to the associate/co-broker?

A. The MCA can deposit the title company check into Operating account, cut all commission checks coded to Clearing, and then cut a Pay to KW check to deposit in the depository account.

Note: It is not incorrect to have yet another cash account and to deposit/cut checks through a cash account that is used exclusively for commissions.