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.
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.
It depends on which bank, as not all allow deposit by someone who's not the account holder. I know that Chase doesn't.
chase does allow, but not cash deposits to someone else's acct
Thank you all for your input.