Opening Up Tenant Escrow Account before choosing tenant

[Andrew Reis]

Hello - I am told I can open a tenant escrow account before choosing a tenant. How do I open a tenant escrow account without having tenant W9, a SSN and a birthdate? Called one local bank who said I would need my SSN or the tenant's.

And if this is possible, what local banks on South Shore of MA can open these "blank" escrow accounts?

[Phillip Austin]

@Andrew Reis You will need an escrow account to hold the tenant's security deposit. You're not opening a bank account on behalf of the tenant. You're simply opening a separate escrow account solely to maintain their security deposit. 

Security deposit funds should not me mixed or "commingled" with your operating funds. One account for your income and expenses. A second escrow account for the tenant's security deposit.