Tenant Security Deposit Escrow Account

[Brook Burns]

It is my understanding that in Pennsylvania an escrow account is required for tenant security deposits. Does anyone have experience with banks that offer these without fees? I had hoped to set this up with PNC since I bank with them but an in-person visit to the branch is required for set up and this is not possible since I now live in Washington state. I've seen other people in the forum who simply use independent savings accounts but it is not clear to me if that is legal. Thank you!

[David Walton]

Hey there! We work with Enterprise Bank and Trust. They are well known in the SFR world and work with a lot of companies. Super easy to setup, yoand they offer a security deposit trust, client trust, and operating account with their package. https://www.enterprisebank.com/business/property-management