Do I need a tenant’s social security numberto open an escrow savings account for the security deposit?

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Do I need a tenant’s social security numberto open an escrow savings account for the security deposit?

I am a landlord who owns a condo. I am renting out a room and requested a security deposit equal to one month’s rent. I went to open an escrow account at the bank for the security deposit and the bank asked me to get the SSN of the tenant. I asked the tenant for this info and she did not want to give me her number. So now, I have no idea what to do. Is it okay for me to open a regular savings account under my name since the tenant won’t give me info about her to open an account with her info?

Asked on November 22, 2011 under Real Estate Law, Massachusetts

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

If you want to open an escrow savings account for your tenant concerning the security deposit for the tenant but she did not want to provide you with her social security number for the account, I suggest that you do the following:

1. advise the tenant that you will open up an account for her under your name regarding the secuirty deposit;

2. open up an account with the bank concerning this security deposit making express reference to the tenant's name on it where you are the custodian for the account;

3. provide the tenant with all paperwork concerning the establishment of this account and have her date and initial your copy of the documents as a safeguard for you.


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