Hello all,
I am a new investor with one single family property. I will soon be putting my property on the rental market and am making sure I have things in order to do so. Would someone be able to fill me on in what is required with regard to bank accounts in the state of NC for holding a tenant's security deposit? NC general statute states the following:
- when this refers to a "trust account," does this indicate an actual trust or a checking/savings account labeled as a trust or escrow account? (an actual trust account seems to be overkill, but maybe that's the case)
- The phrase relating to location of the account - what does this actually implicate? That one must deposit the money in a branch of a bank within NC? Which doesn't really make sense as most banking transactions are completed online at this point. Many banks are at the national level. Does a trust account by definition mean that money will be held a specific financial institution location?
Any info to help point me in the right direction would be helpful!
Ben
