Deposit money holding

[Alex Verdugo]

I'm about to purchase my first deal, a multifamily quad. There are a couple tenants living there now which means I will be receiving their deposit money.  My question is, do I need to keep that deposit money in a trust company acct or can I use a regular bank / credit union?

I don't know of any law here in Arizona that states where the money is held, just that it needs to be in a separate account.