All Forum Posts by: Donna Beth Perch

Hi Royce, Yes an escrow account.  In my experience, I've always opened and closed accounts as new tenants move in and out. With both the landlord and tenants' names and SS's numbers.  This seems to be impossible to do if you can't walk into a bank in NJ.  Unless you have multiple units with a business account.  This is only a single condo that my daughter owns.  BTW she is also in Hawaii.  I suggested to her that she do exactly what you said and open an interest-bearing account in her name and put the security deposit there, so that it is separate from her other accounts. I think she can do that online.

Thanks for taking the time to read and respond. I'll be in Hawaii next month to visit her (she's having a baby in June)

best

Thanks, in my googling, I haven’t found a NJ bank that will let you open a tenant security account online many allow you to open a regular account  

But I did just find NJ Realty post. So I am optimistic about my daughter being able to do for herself. 
she’s in Hawaii and it’s surprising to me that national banks are not present there. None, not Chase, BoA, PNC,etc

My original post was trying to ask if anyone other than a landlord could be on the account with the tenant. I was curious as to what management companies do when their clients live in another state. 

Thanks for your reply

Actually I have 2 POA from military notary. One for banking at TD and one for the real estate. I took them both to the local branch. They questioned them and sent to legal department. I'm still waiting for an answer. It would be easier not to do this way, because when account needs to be closed next year, I'll have to go through the same BS.

THANKS for suggestions. 

Nathan, have you read what you posted from NJ.gov. I did before I posted. I’ve been a landlord for over 25 years. Nowhere that I can see does it say anything about absentee landlords. In NJ most banks want tenant security deposits opened in person. That’s kind of impossible if the owner lives across the country 

It’s my daughter’s. I’m helping her out because she lives out of state and obviously can’t open in person an escrow account. Do you work in NJ? If so, how do you open deposit accounts in NJ when your bio says you’re in Michigan?

I’m managing a rental property for an out of state landlord. I need to open a tenant security account. The bank is not making it easy. Can the account be opened with a property manager name and tenant? Instead of landlord and tenant?  A security account needs to be in NJ but if the landlord is not also in NJ, how does that happen?

Thanks