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Updated about 5 years ago on . Most recent reply

User Stats

65
Posts
9
Votes
Corbin Jones
  • Rental Property Investor
  • Joplin, MO
9
Votes |
65
Posts

Excess in escrow returned to my personal name

Corbin Jones
  • Rental Property Investor
  • Joplin, MO
Posted

Hello,

I have owned and paid for a mortgage on a SFH in Milwaukee for one year, and I've had the mortgage account tied to an Ally checking account that is separate from my personal Chase account. However, just last week I formed a single-member LLC for the home and opened a business bank account through PNC. I closed the Ally account. The home is still in my personal name since I have not yet transferred it to the LLC. The mortgage servicing company returned a check of $76 to me for an excess amount in my escrow account. The check is in my personal name, but I want it to go into my LLC account. Will I jeopardize or expose my LLC if I deposit a check in my personal name to the business account? Should I simply deposit the money into my personal account and then transfer it over to the LLC account as an owner contribution? If you have any helpful resources about LLC best practices, please feel free to share.

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