Submitted by puzzledlandlord on Fri, 08/20/2010 - 22:45
I know that within 30 days of receiving the security deposite from a tenant, I must give the tenant a receipt showing the bank name, bank account number, and amount of deposit. But how quickly do I have to set up that account? I imagine it should be as quickly as possible so the tenant can get a full year's interest on it when I return it (the lease is for one year) but I forgot to get a copy of the tenant's driver's license and it may take me a few days to go and see the tenant again. I wonder if that is soon enough. Last time I set up such an account, the bank wanted a copy of the tenant's driver's license. Thanks.
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Editor's Response
In reality the amount of interest is going to be negligible (some banks do not even pay interest on these accounts). You might look around for another bank that will set up the trust account without requiring the copy of the license, just to make the process easier for you. I would give her the receipt and set up the account as quickly as you can, certainly within the 30 days required by law.
thanks re escrow account timing
Thanks -- that's helpful to know!