Property Manager · New York, NY · Member since 2016 · 388 posts · 90 votes
Hi all,
I learn that we need to put our tenant’s deposit into a escrow account.
Sounds troublesome , do you guys have to make trip to bank for that ?
What’s best bank for that. Any location NYC or NJ works for me.
Thanks
Real Estate Investor · Unionville, CT · Member since 2016 · 260 posts · 167 votes
8y
I love to use the capital one 360 mobile banking app. There isn't a brick and mortar near me (not sure if they even exist). You can deposit directly from your phone and it pays interest. It will not accept money orders, with those, I deposit into my regular account and just transfer it over.
Real Estate Broker · Chicago, IL · Member since 2015 · 1k+ posts · 2k+ votes
8y
@Liz C. Citibank has a special escrow account for landlords. I don't use them because I don't legally have to use and escrow account, but I came across it shopping for a new account.
@Julie N. I used to bank w/ cap1 360 and their Spark Business until they restricted my mobile deposits for writing "FOR DEPOSIT ONLY TO [ACCT #]" instead of signing my checks. They also reversed out a number of deposits I did like that. At that point it was worth it for me to pay the $25 or whatever each month to a 'major' brick-n-mortar bank.