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Updated almost 2 years ago,
Escrow for deposit
Hi, I just got my first house rented this month! My deposit is the same as the rent 1,400. I am a little unclear on the law in Ohio for an escrow account. I read if the deposit is under monthly rent you don’t need an escrow account but if it’s over you do. However it doesn’t say if it IS the same amount. I was going to set one up to hold the deposit just to be safe. I made an appointment at chase bank to set up an escrow account and the banker said they don’t do this. That being said how do I set up an escrow account for a deposit?