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Penalties for not having a security deposit escrow account

I'm a PA landlord living in Virginia.  Its very difficult for me to travel up to PA just to open an escrow account and my bank won't do it over the phone.  What is the worst that can happen to me legally if I don't open an escrow account according to the letter of the law.  Is it a big deal if I just put the money into a savings account?
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I think you can risk losing the deposit.
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