Definition of standard. 1 : a conspicuous object (such as a banner) formerly carried at the top of a pole and used to mark a rallying point especially in battle or to serve as an emblem.
Escrow Account Defined in Simple Terms. An escrow account is a deposit account that is created by a third party, usually an escrow agent, to hold in trust valuable assets that are tied to a transaction process on behalf of the transacting parties.
Escrow accounts are used to pay for miscellaneous expenses such as property taxes and homeowner's insurance. The lender is allowed to collect additional money to keep in the account as overage in case the bills are higher than anticipated.However, there are laws in place that limit the overage amount the bank can keep in your escrow account.ender's can generally estimate what you will need for escrow without mistakes. However, there's a chance that their estimates are off. To cover for this, the lender collects overage -- usually called a cushion -- to hold in your escrow account.