First time landlord and I finally rented out my NJ property! Per NJ law this must be an interest bearing account located in NJ but I am not physically in NJ to open the account as I already moved to Florida. Can any bank do this online without me having to fly back to NJ? I thought it could be a regular savings account but the Chase branch in Florida said they could not do it, it has to be an account in both mine and the tenant's name so the tenant earns the interest. Anyone know of a bank or branch in NJ or nationally that will open an NJ account without physically having to go to NJ? I can go to a local one in Florida if they can do it with NJ information.
Rental Property Investor · Northern NJ · Member since 2019 · 672 posts · 677 votes
6y
I use PNC and didn't have any issues. I'm switching to a local bank to develop a relationship for future lending. My issue i came across in NJ was most banks (precovid) didn't like that I had an out of state license. PNC didn't care and I would stay with larger banks if youre out of state.