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.
Your lender sets up an escrow account and adds 1/12 of the annual charges to each month's mortgage bill. You may start your account with several months' worth of escrow payments, which your lender keeps as a cushion. Sometimes, however, escrow accounts can build up balances, either positive or negative.