Baselane - Separate Accounts for Tenant Security Deposits
I'm thinking about trying Baselane. It seems like the only software that also allows landlords to keep security deposits separate which is a feature I'm looking for! Plus bookkeeping for taxes. Is anyone using this software? Do you have to collect W9 from all tenants?
In Colorado, landlords need separate accounts for security deposits. I'm having trouble opening these special accounts in CO only a few banks offer them. My credit union doesn't offer this specific Escrow account so I went to Chase. Chase had no idea what I was talking about when I called and I directed them to their own website. https://www.chase.com/personal/trust-estate-other-accounts/t...When I went in to open an account, they wanted a w9 for every tenant because it is an interest bearing account - I have five houses and 10 tenants. No way! I was hoping to open one account to hold all the security deposits.
Where do you keep your security deposits?
- Kassidy Benson