We are in the process of renting out our first rental property and I am having a difficult time in locating a local bank (the property is located in Bucks County, PA and I am located in Central PA) that offers tenant security escrow accounts or lease security deposit accounts to hold the security deposit in. Many of the banks that I have contacted have no idea what I am asking for. At this point, I'm not sure if I should continue looking for a local bank or if I should try an online bank.
Any advice or suggestions would be greatly appreciated!
Real Estate Investor · Audubon, PA · Member since 2009 · 13k+ posts · 8k+ votes
8y
The most recent one I set up was with Wells Fargo; before that I had successfully used Royal (but they have merged with some other bank and I have no idea if they will get things right now). And I have also used TD - but they didn't set things up properly, and that was a mess to correct, so I avoid using TD.
Real Estate Investor · Audubon, PA · Member since 2009 · 13k+ posts · 8k+ votes
8y
And I should add that even with Wells Fargo, I had visited several branches before finding one with a customer service representative that knew what I was seeking; you might have to do that as well.