interest bearing escrow account

Question

interest bearing escrow account

In: Economics

Answer 1

I signed a lease and wired some money, and received this email. What the heck does this mean lol.

Thanks!!

“Thank you for signing your lease. Your security deposit is held in an interest bearing escrow account.  The interest is yours minus any handling fees. To open this escrow account with your name the bank requires that you complete a W9 as you will receive the interest.  In order for us to complete things on our end we need you to sign a W9 form. For now, please sign it on Docusign, but we will need a physical copy with your original signature as soon as possible.

Here is a link to the IRS website where you can download a w9.  We are also attaching one to this email.  The W 9 must include your new address and an original signature, the bank will not accept a digital signature.  

After you have completed the form we ask that you scan a copy and email it to us, the original should then be sent to the address below.  If you need a scanner you can find multiple free options on the App Store. Unfortunately a picture will not work.”