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Updated 1 day ago on . Most recent reply

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Michael Jackman
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Escrow Account without LLC

Michael Jackman
Posted

Hi everyone,

Quick question for fellow Oklahoma landlords:

I'm trying to set up a proper escrow account for tenant deposits (per 41 O.S. §115). MidFirst told me I need to have an LLC before they'll open one, but from what I understand the law doesn't actually require an LLC — just a separate escrow account.

Has anyone here been able to open a tenant security deposit escrow/trust account in your own name (no LLC)? If yes, which bank/credit union + branch worked for you?

I'm just trying to stay compliant without forming an LLC yet. Appreciate any tips or recommendations for single family properties in okc metro area. 🙏.

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