Security deposit in MA

[Allen McGlashing]

Hey guys need some more insight I just received my tenants security deposit is there any banks out there that won't charge a fee for having a tenant-landlord account I know Bank Of America charges and that's my main bank. The other bank I looked into needs a notarized signature from the tenant which I don't really want to bother them to do this. I'm sure they are out there just seeing what my BiggerPockets ppl have to say before I make all my calls tomorrow. Thank you

[Steve Bracero]

@Allen McGlashing

@Max Denning

Yes, you can use Santander bank. Ask them for a tenant account they will fill out a w9 form, which is a separate interest bearing account.. They should know what this is, the tenants will need to provide their social. You need to also give them a receipt letting them know where their security deposit is.  

Within 10 days, After you have their security, you need to do a statement and condition (take pictures as well), and the tenants have  15 days to let you know if they disagree with anything on the statement and condition.