 Master Escrow Account (by Brad Nickell [OK]) Feb 6, 2009 5:54 AM
 Master Escrow Account (by BP [TX]) Feb 7, 2009 9:27 AM
Master Escrow Account (by Brad [OK]) Feb 8, 2009 6:21 PM
Master Escrow Account (by Brad Nickell [OK]) Posted on: Feb 6, 2009 5:54 AM
Message:
State Specific Question About: OKLAHOMA (OK)
I have found banks online that offer interest bearing master escrow accounts in which you can designate any number of sub-accounts for your various tenants. After talking to my local banks and looking at the larger Oklahoma banks websites I haven't been able to find this product offered in my state. Due to statute property managers in Oklahoma have to maintain security deposits in Oklahoma banks, but I really like this account setup. Has anybody heard or know of an Oklahoma Bank or a national bank with an Oklahoma branch that offers this type of account? --69.92.xxx.xx |
Master Escrow Account (by BP [TX]) Posted on: Feb 7, 2009 9:27 AM
Message:
What's the advantage? Having them deposit into acct? What does it do?
Have you checked the First National Bank of Nigeria? I think they'll even give you $1million and a toaster for opening an acct.
My tenants use autopay from their checking. If I had to, I'd consider going to a third party that takes a cut, but it does make it easier. I also think it helps scare away non-payers too if it's mandatory. --66.137.xxx.xxx |
Master Escrow Account (by Brad [OK]) Posted on: Feb 8, 2009 6:21 PM
Message:
Oklahoma Statute requires that:
"Any damage or security deposit required by a landlord of a tenant must be kept in an escrow account for the tenant, which account shall be maintained in the State of Oklahoma with a federally insured financial institution.
The Master Escrow Account offered by Sovereign Bank is exactly what I am looking for but they lack an Oklahoma branch. To me if an account can be maintained online it should qualify as local, but I don’t want to give tenants any ammo if they contest the deposit.
--69.92.xxx.xx |
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