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Updated over 8 years ago,

User Stats

1,632
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875
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Johann Jells
  • Rental Property Investor
  • Jersey City, NJ
875
Votes |
1,632
Posts

What banks make it easy to create new security escrow accounts?

Johann Jells
  • Rental Property Investor
  • Jersey City, NJ
Posted

I've HAD IT with the idiots at CapOne! I've opened 4 tenant accounts this year and they've screwed it up 5 times! Here in NJ we're required to have separate accounts, fact I successfully ignored for years, but since forming an LLC have tried to comply with. These morons have opened a couple of these in my personal name using my SSN, rather than the LLC and it's EIN. I had to explain to them that not only have they compromised the corporate veil, but if I were just an employee, this money was now mine to walk away with! Every time I've had to sit while a different "officer" figures out how to do this, usually involving several phone calls, typically taking 2 hrs including waiting to be seen.

When I finally exploded and said if I had 100 units instead of 12 I certainly wouldn't sit still for this crap, they said "oh, there a special setup for big landlords where you can do it online, we'll have someone contact you about it". A person called me, said they'd get more info and call me back, wouldn't give me contact info, and never called again.

So. Does anyone know of a bank that makes this less of an agony for landlords?