Notifying tenant about security deposit location

[Tomasz Banas]

Good evening BPers. I recently joined BP and this is my first post.

I just became a landlord on my first buy & hold. I know that in the state of NJ (and some other states) tenant has to be notified by landlord in 30 days where the deposit was placed, including: name of the bank, type of account, interest rate, etc.

Do you have a template of a notification letter that I could use? I don't want to miss anything.

Thank you in advance.

[Michele Fischer]

Hi Thomaz!  I live in Washington state, where we are also required to disclose info about where the deposit is held.  We write it into the agreement rather than sending a separate letter.

Our wording is as follows, which is not what you are asking but may be of help:

Deposits are held in trust at Umpqua Bank, Hazel Dell branch, per RCW 59.18.270. Tenant is not entitled to any interest earned on the security deposit. If Landlord sells or assigns the premises, Landlord shall have the right to transfer Tenant’s deposit to the new owner or assignee to hold under this agreement, and upon so doing Landlord shall be released from all liability to Tenant for return of said deposit.