Re: Location of Security Deposit - Landlord Forum thread 356952

Re: Location of Security Deposit by Stephen (Washington (WA)) on April 25, 2018 @01:56

In my state I am required to provide: written notice of the name and address and location of the depository. Nothing about the account number. I have a single account where all the deposits are commingled. Not separate accounts for each tenant.

When I initially learned of this requirement I provided a letter to the tenants advising them of this information. Since then I have the information within the lease: "The total sum of $__________, receipt of which is hereby acknowledged, shall be deposited by landlord in a trust account with ____________________________ Bank, located at _____________________________phone number__________________ as a Security Deposit for securing the performance of every Tenant(s) obligation, cleaning, damage etc."
When another bank bought my bank I sent a letter informing the tenants of the change in bank names.

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Re: Location of Security Deposit by Todd on April 25, 2018 @16:45	[ Reply ]

Thank you! That is very helpful. Now I need to find out exactly what the requirement is for New Jersey as I've read conflicting information as to whether I also need to provide the account number and that each tenant requires a separate account for their deposit. I also went to my bank and they informed me they need a completed W-9 from the tenant in order to do so. This certainly looks like it will end up being a bit of a hassle if I need to open a new account with each tenant turnover. Thank you for the info.