Tenant requesting sec. deposit directly deposited to bank acct

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Tenant requesting sec. deposit directly deposited to bank acct

Mahesh P.
Northern, NJ · Member since 2014 · 18 posts · 0 votes

Hello,

I recently had a tenant who has relocated abroad. Since the forwarding address will be outside the US, and difficulty converting a US dollar check to local currency, he has suggested I deposit the security deposit directly into a US bank - he has provided me bank acct number. Any issues I should be concerned about? Thanks.

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  • Dave LinPro Member
    Insurance Broker and Real Estate Investor · Lehigh Valley, PA · Member since 2014 · 229 posts · 73 votes
    10y

    As long as you deposit it as a check written out to the tenant, I don't see any issues.  No different if he would to deposit himself when you write the check to him.  The only difference is that endpoint is you going to the bank vs him.  

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  • Michaela G.
    Investor · Atlanta, GA · Member since 2013 · 3k+ posts · 3k+ votes
    10y

    It depends on which bank, as not all allow deposit by someone who's not the account holder. I know that Chase doesn't.

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  • Steven Wiltz
    Landlord · Port Orchard, WA · Member since 2015 · 80 posts · 39 votes
    10y

    chase does allow, but not cash deposits to someone else's acct

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  • Mahesh P.
    OP
    Northern, NJ · Member since 2014 · 18 posts · 0 votes
    10y

    Thank you all for your input.

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