My bank has recently started charging a $5 per month Bank Charge on my escrow accounts. I was under the impression in NJ that you could not remove money from these accounts except for damages etc. Am I off base ? How do other NJ Landlords handle this ? TIA --160.93.xxx.xxx

Here it is 3bux, costs tenant as state requires the account, another piece of rising cost of housing. --76.188.xxx.xx

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They will try it. They did it to me. Go right away to the bank and speak to a manager and they will restore the money. If it goes on too long they will not. Is it BofA? --73.178.xxx.xx

Yes it is BOA. Which pretty much screws up everything they touch, but the benefit of a linked Merrill Lynch account has some incredible benefits, Thanks! --160.93.xxx.xxx

Our local bank started that but it was a way to get everyone to go to electronic statements which have no fee. They did begin to charge for bank checks so now I transfer the sec dep return amount to the operating account and immediately write the check. --24.61.xxx.xx

I have mine in local credit unions that do not charge any fees however they pay less than 1% interest --72.93.xxx.xxx

I have 23 acct at BOA so I don't pay any fees but banks are allowed to charge and you are allowed to reimburse the acct.for the amount charged. --71.75.xx.xx

What John / Mi said. So simple. --73.195.xxx.xxx

Eric. no reason at all to stay with boa just bc you have ml account. you can link that to any bank. on side note I would suggest you drill down on your ml account. after my Dad died I took over matters for my mom and found constant churning every month. I had her close her ML and moved her to Fidelity. no churning & her advisor must contact me b4 any transactions. she no longer gets tin of cookies & invite to ml party each year. they kept calling her to move back until I answered a call for her. ... --166.137.xxx.xxx

Thanks you everyone for your responses. This group is always very helpful. --160.93.xxx.xxx