For all drivers coming onboard with CloudTrucks, a $2,000 escrow account will be required. We collect this deduction slowly at $100/week over 20 weeks, beginning two weeks after your first completed load.
Once your escrow account is fully funded, those funds are held as a security deposit for when your account is closed, to cover any remaining balances.
How escrow is collected
This amount will be collected over time at $100 per week for 20 weeks. We will begin collecting escrow 2 weeks after your first drive.
What happens to your escrow if you leave CloudTrucks
Should you ever decide to leave CloudTrucks, and you happen to have any remaining balances, your escrow is applied to cover those costs. If you have no remaining balances due, or if there are funds left over, they are refunded to the driver.
The process of applying and refunding escrow starts 45 days after your account has been deactivated. At that time, the CloudTrucks accounting team will email you a final statement explaining either what you owe or what you will be refunded.
If you have any questions or concerns, please email accounting at ap@cloudtrucks.com.
How to view your escrow balance in-app
You can view how much you have in your escrow account - or how much you owe for escrow - in a few simple steps, right from the CT mobile app.
1. Tap on the "$" icon on the bottom of your CT mobile app home page to go to the CT Cash page
2. Click the three vertical dots next to 'See Activity' and select 'View Escrow Balance'
3. There you'll see how much money is in your escrow account under 'Escrow Balance' and how much you still owe for escrow (if you haven't reached the $2,000 balance) under 'Funding in Progress'
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