Landlord Question - Security Deposit/Bank Accounts in MA

[Steph C.]

Hi,

I have a few questions for landlords in Mass; I've received some conflicting information from people in the area.

I was on the mass.gov website reading about the security deposit rules. It says that the landlord must keep the security deposits in a "separate" interest bearing account from a Massachusetts bank. Does that mean you need to have a separate bank account for each tenant to hold their security deposits? I assume that is so, but want to clarify.

Or, if you have a multi-family, can the security deposits be on one bank account or do they also need to be all in separate bank accounts?

Lastly, for those that hold properties in LLCs, do you have a separate checking/ bank account for each property in that LLC (to pay the rental property expenses and collect rent) or do you keep a separate bank account for each property on its own?

Thanks,
Steph