To ensure that your security deposit is safe during the period of your tenancy, State law requires the landlord or property manager to keep it in a “trust account.” A trust account is simply a bank account designated as “trust” or “escrow” that does not contain any of the landlord’s or broker’s personal funds. The trust account must be maintained in a licensed and insured depository institution authorized in South Carolina. Within 30 days following the beginning of your lease term, the landlord or agent must notify you in writing where your security deposit has been placed (typically, this notifcation is given in the lease). If your security deposit is moved to a different bank or savings and loan during your tenancy, you must be notifed in writing of the new location.