Holding the Security Deposit

[iacino]

I guess you peeps are not very knowledgeable and your backgrounds are not displayed here so I'm probably getting incorrect info.

 

[Zigner]

Both of you are preaching. Why didn't HRZ answer my more important question in the other forum? Why not help me with a lawsuit than this frivolous subject? I don't get it!

I really don't know what you are talking about. It is apparent that you do not wish to even consider what you are being told here. As mentioned above, you should seek the advice of a local organization and/or attorney. Best of luck.

 

[FarmerJ]

On Monday when I wrote >Go to your bank and ask them if you can open a account to be used for a tenants deposit funds, if they cant or don't have that kind go to another bank. < I thought asking them> if you can open a account to be used for a tenants deposit funds, < was clear enough way to tell them why you needed this account too .

 

[Stephen1]

It is my opinion that the law for security deposits in my state is not well written, as I get the impression that you feel that way about your state's law. My initial reading of my state's law gave me the impression that I needed an escrow account but I was having trouble setting one up. In my state the law says "All moneys paid to the landlord by the tenant as a deposit as security for performance of the tenant's obligations in a lease or rental agreement shall promptly be deposited by the landlord in a trust account, maintained by the landlord for the purpose of holding such security deposits for tenants of the landlord, in a financial institution as defined by *RCW (Revised Code of Washington) 30.22.041 or licensed escrow agent located in Washington." After much research I learned that what is required is that the money is to be deposited in one of three types of 0accounts:
1. Trust account
2. in an account in a bank recognized by my state
3. in an account with a licensed escrow agent.
So when I stopped referring to an escrow account then bank then understood what I was trying to do.
This may be where you are with your bank.

 

[Zigner]

It is my opinion that the law for security deposits in my state is not well written, as I get the impression that you feel that way about your state's law. My initial reading of my state's law gave me the impression that I needed an escrow account but I was having trouble setting one up. In my state the law says "All moneys paid to the landlord by the tenant as a deposit as security for performance of the tenant's obligations in a lease or rental agreement shall promptly be deposited by the landlord in a trust account, maintained by the landlord for the purpose of holding such security deposits for tenants of the landlord, in a financial institution as defined by *RCW (Revised Code of Washington) 30.22.041 or licensed escrow agent located in Washington." After much research I learned that what is required is that the money is to be deposited in one of three types of 0accounts:
1. Trust account
2. in an account in a bank recognized by my state
3. in an account with a licensed escrow agent.
So when I stopped referring to an escrow account then bank then understood what I was trying to do.
This may be where you are with your bank.

Your law doesn't mention anything about an "escrow account" - is written fine.