My tenants provided me sercurity deposit and first / last month rent at lease signing.
As I understand that Florida law require that security deposit to be held in separate bank account. But I'm not quite sure if last month rent should be treated just as regular rent payment or has to go in same account as security deposit? My other question, seems like most banks charge fees for accounts with less than certain amounts. What banks will have no fee
accounts that would be suitable to hold security deposit?
Florida statutes require that security deposits and advance rents must be held in a separate account. They must be housed in a Florida financial institution. You may hold them in an interest bearing or non-interest bearing account. You must notify the tenant within 30 days of the name and address of the institution they are held in. I use a local community bank that does not charge fees.
I use Regent Bank to hold the security deposits.