Escrow for deposit

[Casey Fahey]

Hi, I just got my first house rented this month! My deposit is the same as the rent 1,400. I am a little unclear on the law in Ohio for an escrow account. I read if the deposit is under monthly rent you don’t need an escrow account but if it’s over you do. However it doesn’t say if it IS the same amount. I was going to set one up to hold the deposit just to be safe. I made an appointment at chase bank to set up an escrow account and the banker said they don’t do this. That being said how do I set up an escrow account for a deposit?

[Remington Lyman]

Quote from @Casey Fahey:

Hi, I just got my first house rented this month! My deposit is the same as the rent 1,400. I am a little unclear on the law in Ohio for an escrow account. I read if the deposit is under monthly rent you don’t need an escrow account but if it’s over you do. However it doesn’t say if it IS the same amount. I was going to set one up to hold the deposit just to be safe. I made an appointment at chase bank to set up an escrow account and the banker said they don’t do this. That being said how do I set up an escrow account for a deposit?

 Unless you are a property manager or a big-time rental property owner I think you are overthinking this. Just get a separate account opened and deposit the security deposits in there. No one is going to sue you for something like this. I have some attorneys I can refer to you that are knowledgeable about landlord laws here in Columbus, Ohio