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Haven Exchange breaks new ground by creating Transparency for 1031 Exchange Funds

 
In response to the recent alleged misappropriation of 1031 Exchange funds by a Qualified Intermediary in Nevada, Haven Exchange has created Transparency for the 1031 Exchange funds it holds. The clients of Haven Exchange will now receive monthly statements directly from Union Bank, providing them with complete assurance that their funds are fully segregated in separately held, FDIC insured, totally liquid money market accounts.  The statements reflect any and all activity, including interest earned, leaving no room for doubt about how the funds are invested and growth proceeds therefrom. EACH ACCOUNT IS A DUAL SIGNATURE, QUALIFIED ESCROW ACCOUNT.

"Even though we have worked closely in the planning stages with our banking partner, Union Bank of California, to provide this security for 1031 Exchanges, I am totally blown away by the results." said President, Dorothy Zink.

Glowing from the accolades, UBOC V.P., John McShane said, "These accounts are managed by our Real Estate Escrow and Title Management Group, and provide state of the art ease of use for the Qualified Intermediary and the desired   Transparency/Security for the consumer.  We are very proud of it. "Once again, Haven Exchange raises the bar and extends a challenge to all FEA members: