NC Rental Deposit Trust accounts - What banks...

[Chad Hurin]

Hi NC,

What specific banks do you use for your Renters deposits? I can't seem to find many banks that has a 'trust' product for landlords to keep their tenants deposit in. Thanks

[Chris Martin]

Originally posted by @Chad Hurin:

Hi NC,

What specific banks do you use for your Renters deposits? I can't seem to find many banks that has a 'trust' product for landlords to keep their tenants deposit in. Thanks

The funds need to be in a segregated account. Dawn and I use Wells Fargo. The implementation of the trust account is a simple checking account, and I use my company's name followed by "Trust Account" as the named account holder. This fits the legal requirement(s). I use one trust account for the entity, so roughly 50 properties represented by the account. This is the method I would recommend, BTW, vs. 50 separate accounts. Note that a trust account is required for all deposits regardless if you are a licensed broker or not.