State Specific Question About: WASHINGTON (WA)

I have a check for security deposit from my tenants.WA law says I have to deposit it into a trust account for the tenants. How do I do it? The bank says I can't just open one up. I need something called a trust declaration??

My question is: am I going about it wrong? Practically, how does one deal with a security deposit check?

julia most states only require that for LL's with larger portfolio's of properties. Confirm before you stress yourself over this.

In the meantime CASH the check **immediately** so you know it is good and just deposit that money into your regular operating account.

The RCW is vague on this, requiring a so-called trust account. My past research has concluded that it would be sufficient to open a normal checkin or savings account and store the money there. As long as you are not co-mingling deposit funds, you are meeting the requirements of the law. There was an article written by a Seattle attorney on this, and I think he said the same thing. Just put it in a normal account. INGDirect.com would be a good place, because they pay good interest.

Dear MrRAtional, Virden, and RR,

thank you all so much for your advice! It helps a lot!