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bill, warwick ny
September 2, 2014 07:52:16 PM
2 people recommended this |
In reply to bill, warwick ny
Thank you for reaching out to us on TD Helps, Bill. We would be happy to give you information for opening a Landlord/Tenant account.
A Landlord/Tenant account can only be opened in person by you as the landlord at any local TD Bank Store. The Tenant does not have to be present at the opening of the account. If the Tenant is to be responsible for the taxes, please bring a completed W-9 form for the Tenant to the opening of the account. Here is a copy of the W-9 form: http://1.usa.gov/1gkV6oH, which can be printed and filled out ahead of time. When you go to the TD Bank Store to open the account, you also need to present valid identification, as well as a copy of the Lease Agreement. Check out http://bit.ly/TDStores to locate a TD Bank near you.
Hope this info helps Bill and have a great day!
Justin B, Mount Laurel
September 2, 2014 07:55:47 PM
1 person recommended this
In reply to Justin, Mount Laurel
thanks this is very helpful!!
j, north bergen
September 17, 2014 10:57:52 PM
In reply to j, north bergen
You're welcome, J. Glad we were able to help you out today! Feel free to stop by anytime you have a question. Have a great night!
Katherine G, Mount Laurel
September 17, 2014 11:01:29 PM
Hello, regarding this account for security deposit, can only the Landlord withdraw the security? Also, my tenant wishes to collect the interest each year on her security deposit. Will TD Bank pay out interest reported to renter or Landlord. Would prefer that I, as landlord, don't have the interest earned as income for my SS# and eliminate the accounting headache of completing 1099-INT each year.
September 29, 2014 07:58:10 PM
2 people recommended this
In reply to Christine, Hopatcong
Hi Christine, and thanks for your follow-up inquiry! We can certainly provide you with additional info about our Landlord/Tenant accounts.
Please note that only the Landlord can withdraw rent security funds. For this reason, you (and any other landlord also listed) would be the only authorized signers on this account.
Any end-of-year tax documentation including the 1099-INT form for this account would be mailed to the landlord. It would be your responsibility to forward this to the tenant, who claims the interest. The tenant's Social Security number is used for IRS reporting purposes.
If you have any additional inquiries regarding this type of account, you are always welcome to visit one of our conveniently-located TD Bank Stores. Please see http://bit.ly/TDStores, or give us a call 24/7 at 888-751-9000.
We hope this is the information you needed, Christine. Don't hesitate to ask again if you have further questions and have a great day!
Cameron P, Mount Laurel
September 29, 2014 07:59:51 PM
In reply to Cameron, Mount Laurel
Is there a minimum amount that must be in a landlord/tenant account? Are there any fees associated with this type of account?
Kathy, Coconut Creek
October 25, 2014 11:20:50 AM
In reply to Kathy, Coconut Creek
Thanks for coming by TD Helps, Kathy! We're glad that you would like to open an account with us and we'll be able to answer any questions you may have.
Generally speaking, there is no minimum balance requirement to open an Escrow account (landlord/tenant account). As certain state laws do apply, we recommend visiting your nearest TD Bank location for further assistance. Please visit: http://bit.ly/TDStores for hours and locations near you.
Let us know if you have any questions and have a good day, Kathy!
Sandy D, Mount Laurel
October 25, 2014 11:25:46 AM
In reply to Sandy, Mount Laurel
What is the interest rate for the tenant landlord account?
November 24, 2015 04:17:09 PM
In reply to Ivanne, NYC
Welcome to the TD Helps community, Ivanne. We're happy to point you in the right direction for all your escrow account questions.
TD Bank offers a variety of accounts including Landlord/Tenant escrow accounts.
To better assist you, we'd recommend that you speak with a Specialist at your local TD Bank Store. Once there, they'll be able to review the interest rates for any accounts which earn interest. You're welcome to connect with a Specialist at any location nearby you by finding a convenient Store here: http://bit.ly/TDStores.
If you have any additional questions or concerns, you may also feel free to contact us 24/7 at 888-751-9000 and speak with one of our dedicated Banking Specialists, or reply on TD Helps with the account type you're referring to and we'll be glad to assist.
We hope this helps out, Ivanne. Let us know if you have any further questions.
Kris M, Mt. Laurel
November 24, 2015 04:18:31 PM
In reply to Kris, Mt. Laurel
I realize this is an old question but I have a question about these trust accounts. We lived in NY and opened personal TD accounts there. We've since moved to MA but will be renting out our NY property and would like to open a trust account for the renter's security deposit. Do we need to go to NY to do this or can it be done through our local MA-based branch ("store") but created as a NY-based account?
Casey, Swampscott, MA
March 15, 2017 06:25:39 AM
In reply to Casey, Swampscott, MA
Thank you for connecting with us on TD Helps and we appreciate you considering TD Bank for your banking needs, Casey.
A Landlord/Tenant account can only be opened in person by you as the landlord at any local TD Bank Store. The Tenant does not have to be present at the opening of the account. If the Tenant is to be responsible for the taxes, please bring a completed W-9 form for the Tenant to the opening of the account. Here is a copy of the W-9 form: http://1.usa.gov/1gkV6oH, which can be printed and filled out ahead of time. When you go to the TD Bank Store to open the account, you also need to present valid identification, as well as a copy of the Lease Agreement. Check out http://go.td.com/1f9DSJR to locate a TD Bank near you.
We recommend contacting the TD Bank Store prior to your visit, to discuss any additional documentation that may be needed.
For any additional questions, feel free to connect with our 24/7 Banking Specialists at 888-751-9000.
Thanks for writing in and please take care.
Alara B, Mount Laurel
March 15, 2017 06:25:54 AM
As a renter/tenant does the landlord share the name of account and number or list the tenant as proof? Also should there be a dispute between parties, does the tenant file a complaint with TD Bank so that funds are not released to Landlord until resolution is met? Or does landlord have full control of the funds?
May 8, 2017 09:15:05 AM
In reply to Jeffrey, Boston
Thanks for joining in, Jeffrey.
We recommend reviewing the replies above for additional details about Landlord/Tennant accounts. For any specific concerns as the ones you've mentioned, we recommend reaching out to us using the contact methods mentioned above.
Thanks again, Jeffrey. Have a good day.
Megan K, Mount Laurel
May 8, 2017 09:15:16 AM
In reply to Megan, Mount Laurel
Does the tenant have rights to get balance information as well as request statements when calling in to TD Bank?
July 7, 2017 08:44:01 AM
In reply to Veronica, Marlton
Thanks for joining the conversation, Veronica.
With Landlord/Tenant accounts, only the Landlord has access to the account. Tenants are not provided statements and are unable to obtain any information about the account, including balance, from TD Bank. If the tenant has any questions regarding the account, they will need to speak with their landlord directly.
If you have any further questions, please don't hesitate to reach out to us. We're available 24/7 at 888-751-9000. You're also invited to visit us at any of our Stores. To find one near you, please click here: https://go.td.com/1nq31dc.
Have a great weekend, Veronica!
Customer Service Team, Mount Laurel
July 7, 2017 08:44:19 AM
In reply to Alara, Mount Laurel
I have the exact same question as Casey and was hoping to see an answer. I also have a property in FL and now live in MA and rent the property in FL. I have my escrow account at another bank and would like to move it. Does it have to be kept at a bank/branch where the property is, or can I do it up here near me?
July 25, 2017 09:33:53 AM
In reply to Lulu, Boston
This is a great question, Lulu, and we'll be happy to help!
When you wish to open an account that is going to be used for landlord and tenant purposes, we ask that you please visit a TD Store location where your property may be located, in this case, Florida.
As our friends have stated above, when you wish to open your Landlord/Tenant account, we ask that you please visit your nearest TD Store location to do so. Please be sure to having a valid photo I.D. with you, as well as a copy of your lease agreement. To take a look at Store locations and their hours, please visit http://go.td.com/1f9DSJR.
In addition, it's almost important to note that if your tenant is going to be responsible for the taxes, they will need to file a W-9 form. This form can be filed beforehand and brought with you during your visit. We have provided a link here http://bit.ly/1M2IR0e, which will take you directly to this online form.
If you have any additional questions, please don't hesitate to contact a TD Store location, or you may call and speak with a Banking Specialist at 1-888-751-9000, 24/7.
We hope this helps clear up any confusion, Lulu. Have a great day!
Brittany M, Mount Laurel
July 25, 2017 09:34:09 AM
Can I open one Landlord/Tenant account and deposit security deposits for multiple tenants in it? If so, how do you apportion the taxes earned?
September 27, 2017 12:04:01 PM
In reply to Jonathan, Framingham
Welcome to TD Helps, Jonathan, and thanks for joining in on the conversation today.
For further assistance with your concerns, we'd like to recommend that you reach out to your local TD Store location to speak with a Customer Service Representative, during lobby hours. We apologize that we're unable to assist you further today; however, please understand that as this information may vary, a Representative in your state would be able to better assist.
For your convenience, we have provided a link here: http://go.td.com/1f9DSJR which can help you find your nearest TD Store location, as well as provide you with their hours of operation, and their contact information.
We're sorry that we couldn’t further assist you today, Jonathan, but we hope you have a great rest of your Wednesday.
Brittany M, Mount Laurel
September 27, 2017 12:04:26 PM
DO you offer the escrow account for tenant's security deposit in Florida?
November 8, 2017 11:31:38 AM
In reply to Luca, Orlando
Thanks for joining in on the conversation today, Luca.
As a couple of our friends have mentioned above, TD Bank currently offers a number of accounts, including landlord/tenant accounts, and to discuss your specific concerns we'd like to recommend that you speak with a Customer Service Representative at your nearest TD Store location, during lobby hours.
You're welcome to use the link here: http://go.td.com/1f9DSJR to find your nearest TD Store location, as well as their hours and contact information.
We sincerely hope this helps, Luca, and we look forward to hearing from you soon.
Have a great Wednesday!
Brittany M, Mount Laurel
November 8, 2017 11:32:00 AM
In reply to Brittany, Mount Laurel
We have several tenant/landlord accounts with TD. Why do these accounts go dormant after a time of no activity? They have been setup as simple savings accounts or convenience savings accounts. is this correct? Also, after a period of time I can no longer see these accounts in my online banking. These accounts were set up in MA.
October 16, 2018 10:39:04 AM
In reply to Ruth, Wrentham
Good morning, Ruth. We'd be glad to review account statuses with you.
A savings account is first changed from an active status after 9 months of no Customer initiated activity. This status is known as inactive. If a savings account is left without Customer activity for a total of three years, the status is then changed to dormant.
Please know that dormant accounts run the risk of being escheated and turned over to the state. To prevent this, please visit a TD Store to reactivate your account.
You can review TD Stores near you by visiting here: http://go.td.com/1f9DSJR.
We apologize for any inconvenience however we are unable to review your specific account types or online profile via TD Helps. This point of contact is considered an unsecured forum and our Specialists do not have access to account specific information to assist directly.
We look forward to seeing you at a TD Store soon, Ruth! Take care.
Megan K, Mount Laurel
October 16, 2018 10:40:06 AM