 Security deposit escrow (by Russ [GA]) Dec 24, 2015 9:06 AM
 Security deposit escrow (by John [IN]) Dec 24, 2015 9:28 AM
Security deposit escrow (by Russ [GA]) Dec 24, 2015 9:36 AM
Security deposit escrow (by Gail K [GA]) Dec 24, 2015 3:36 PM
Security deposit escrow (by gevans [SC]) Dec 24, 2015 3:54 PM
Security deposit escrow (by myob [GA]) Dec 25, 2015 7:28 AM
Security deposit escrow (by Russ [GA]) Dec 25, 2015 8:09 AM
Security deposit escrow (by Russ [GA]) Posted on: Dec 24, 2015 9:06 AM
Message:
I own more than 10 units in Georgia, so I am required by law to keep the security deposit in a bank escrow account. Can I deposit the security deposit into an interest bearing online savings account such as Barclays online savings account? I have done some research on this, but can't seem to find any straight forward answer! Right now I am keeping the money in a Suntrust checking account, which doesn't pay any interest. Thanks for any information on this. State Specific Question About: GEORGIA (GA)
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Security deposit escrow (by John [IN]) Posted on: Dec 24, 2015 9:28 AM
Message:
Russ, the same law who says to keep the deposit in escrow should say also if it's mandatory to have those money deposited to gain interest which will be turned in to the tenant at the end of the lease. If the law does not have such instruction you can go on with your plan. --67.236.xxx.xx |
Security deposit escrow (by Russ [GA]) Posted on: Dec 24, 2015 9:36 AM
Message:
John, thanks for your response. Law states that landlord is not required to pay tenant any interest earned on security deposit. --73.237.xx.xx |
Security deposit escrow (by Gail K [GA]) Posted on: Dec 24, 2015 3:36 PM
Message:
An "escrow" account is simply an account that is separate from other accounts so the security deposit money is not "co-mingled" with, say, your personal funds. It's OK in Georgia for you to move these funds into a interest bearing savings account if you wish.
Gail --73.20.xxx.xxx |
Security deposit escrow (by gevans [SC]) Posted on: Dec 24, 2015 3:54 PM
Message:
Our state has no such requirement.
However, I keep deposits in a simple savings account, all lumped together. --74.222.xxx.xx |
Security deposit escrow (by myob [GA]) Posted on: Dec 25, 2015 7:28 AM
Message:
Here in the GA it is required to separate your deposits when you have more then 10 units (rentals) With the low or little interest paid on the deposits it's just not worth the hassle of shopping for .25% interest. We use Bank of America. Don't forget you need to notify the tenant where the funds are. We include the account number and Bank name as part of the Lease.
There is one great aspect of a separate account. When you field all the questions about the "return of the deposit". we use the line Oh that's in a separate account and it can't be accessed any ol time. Works for us. --74.184.xxx.xx |
Security deposit escrow (by Russ [GA]) Posted on: Dec 25, 2015 8:09 AM
Message:
Well, interest is predicted to be going up. Some of the online savings account are paying 1%, and likely to go up, so I thought might be a good time in moving the deposit money in one of those account.
BTW FYI, in GA, you are not required to disclose the account number, only the bank name. --73.237.xx.xx |
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