Good bank for landloard for deposit escrow

4 Replies

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

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.  

@Julie Nearing thanks Julie , but I was asking a escrow account to hold tenants deposit . Anyone else can help pls ?

@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 Nearing 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.

Matthew Olszak, Real Estate Agent in IL (#471019601)
847-447-6824

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