I'm wondering how PM companies in California are dealing with the trust account requirements for rents. It seems that there are very few banks which actually offer these types of accounts, particularly very few large banks. And those who do, don't like the used as checking accounts. This means that rent deposits in cash are sometimes not allowed, creating the need to have a "collection" checking account which serves as a funnel to the trust account, which obviously creates a whole new set of paperwork and compliance issues.
Which banks are people using and what does the actual process look like?
I've heard of some brokers who make sure the rent and deposit money goes directly to the owner to ensure they are not exposed for trust fund violations which of course can threaten a broker's license pretty easily.
I've found Citizen Business Bank to be by far the best bank for an escrow account of the type required by law for property management companies.