Real Estate Broker · Palm Bay, FL · Member since 2017 · 175 posts · 89 votes
5y
Keeping the deposit in a Florida Bank.
Any security deposit account, whether interest bearing or not, MUST be kept in a Florida bank.
The account must be in a bank that is chartered to do business in Florida. Most, but not all, banks that are physically located within the state fit into this category. (Not sure about your bank? Ask them if they are chartered in Florida. They easily know the answer.) If an out‐of‐state owner wants to hold the deposit in his own account, it needs to meet this criteria. It is not sufficient for the owner to place the deposit in national bank located in his home state which has branches in Florida.
I have attached a link of Florida Chartered Banks for you in the link below!