Landlord - Tenant Accounts

Posted By: Bruce Gollop

Landlord - Tenant Accounts - 09/22/21 04:32 PM

We have a client in our New Jersey location who want to inquire on service charge fee waivers due to the account being a Tenant and Landlord account. The client has a community checking account in which they are being service charge $5 monthly. $3 for the monthly service charge and $2 for the eStatement. The client is persistent about the Tenant and Landlord accounts being free from service charges.

I don't believe that there is a federal law governing service charges on landlord-tenant accounts. Would anyone know if there is a New Jersey State law regarding service charges on landlord-tenant accounts?

Thank You.
Posted By: rlcarey

Re: Landlord - Tenant Accounts - 09/22/21 09:17 PM

I cannot find anything other than the landlord cannot deduct expenses from the interest earned that goes back to the tenants. Either ask them for the law/regulation or call the NJ commissioner of banking. I would probably start with the former. They are the ones sending you on a wild goose chase..