Where is My Money? The Importance of Escrow
Where is My Money? The Importance of Escrow
When a promoter pays a $5,000 deposit for your show, that money doesn’t go into the agent’s personal pocket. By law, agencies must maintain Client Trust Accounts.
This is a separate bank account where artist money sits until the show is performed. The agent cannot use your deposit to pay their office rent or their staff. Once the “settlement” is done, they take their 10% and send you the 90%.
The Bottom Line: If an agent asks you to have a promoter Venmo them personally, run. Professionalism starts with a dedicated trust account.
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