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Updated almost 9 years ago on . Most recent reply

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Peter Tverdov
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Peter Tverdov
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  • from New Brunswick, NJ
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Peter Tverdov
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  • New Brunswick, NJ
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General Landlording & Rental Properties

Handling Multiple Security Deposits

Peter Tverdov
  • Developer
  • New Brunswick, NJ
Posted

Curious how some of you with lots of doors handle multiple security deposits? I have been using Capital One Bank 360 (which allows you to have up to 30+ accounts) and creating a separate account for each apartment's deposit. Do any of you commingle all of the security deposits into one "security deposit fund" that is obviously only for security? If so, how do you return the funds (while adding interest)? This might be my approach moving forward as its getting a bit complicated for me as I continue to add doors. 

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ModeratorReplied

@Peter Tverdov , this is a state specific thing, and just for fun, New Jersey has some wompy laws. I am not familiar with their security deposit laws so I can't speak to specifics.

@Darren Sager , I always mess up if you are NJ or NY. Can you help or tag someone who might be able to?

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