North Carolina Deposit bank holding / separate account

Deposit bank holding / separate account in North Carolina

North Carolina landlords must keep security deposits in a trust account at a licensed, federally insured institution (or post a bond from a licensed insurer instead), and tell the tenant within 30 days of the lease start where the deposit is held or who issued the bond. Statute text: "Security deposits from the tenant in residential dwelling units shall be deposited in a trust account with a licensed and federally insured depository institution or a trust institution authorized to do business in this State" (N.C. Gen. Stat. § 42-50).

Verified Source: N.C. Gen. Stat. § 42-50 · last checked 2026-10-17