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Old 28.01.2017, 19:34
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Opening bank account for rental deposit question

Does anyone know how long it takes to actually open an account for rental deposits? In order to get a lease starting on the 1st of feb I need to show the bank details for our deposit, is it possible to open such an account in one day?
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Old 28.01.2017, 19:58
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Re: Opening bank account for rental deposit question

Yes, unless you are a US citizen.

Tom
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Old 29.01.2017, 17:42
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Re: Opening bank account for rental deposit question

Thanks!
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Old 29.01.2017, 18:11
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Re: Opening bank account for rental deposit question

It is also possible to pay the landlord the deposit for them to hold in trust until the account is opened in the tenant's name and the money can then be transferred into it.
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Old 29.01.2017, 20:58
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Re: Opening bank account for rental deposit question

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It is also possible to pay the landlord the deposit for them to hold in trust until the account is opened in the tenant's name and the money can then be transferred into it.
If you pay the Landlord "in trust" and he is untrustworthy, then you'll have a problem getting the money back

It should take no longer than 10 minutes at any sensible bank to open a guarantee
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Old 29.01.2017, 21:44
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Re: Opening bank account for rental deposit question

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If you pay the Landlord "in trust" and he is untrustworthy, then you'll have a problem getting the money back

When the timing is tight, many landlords propose this and often they will have a different account from the rent account for this deposit to be held in trust.


If the landlord is untrustworthy and keeps the money, then it can be treated as rent money paid "on account". Then the landord will not have a deposit at all. As a landlord this is not a position to put himself in.


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It should take no longer than 10 minutes at any sensible bank to open a guarantee
Agreed the bank is the safer approach. But some banks are less efficient with this process than others.
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Old 29.01.2017, 23:59
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Re: Opening bank account for rental deposit question

Well I've got two business days to get it opened and filled with the caution amount, hopefully things will go as planned. I'll post how it goes in case others have this rush as well at some point.
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Old 30.01.2017, 01:41
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Re: Opening bank account for rental deposit question

As was said it takes about 10 minutes if you have all the details. There is nothing complicated about this.

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Yes, unless you are a US citizen.

Tom
Even if you are an American citizen.
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Old 30.01.2017, 21:06
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Re: Opening bank account for rental deposit question

Yep, and I thanked the person who said it.
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