Is it normal for property management to hold a minimum?

[Kevin Feng]

I use Crestcore in Memphis, TN.  Not a very responsive company. I wonder if it's normal for them to request and hold a minimum amount in my account for repairs.  At least that's what they claim as the purpose.  I am not a big fan of the idea but lack experience to understand.  Does anyone know if this is common or not?  I want to stop this.  

[Patti Robertson]

That is typical. If the PM doesn’t sit on your  collected rent for a full month, they generally hold a small amount of an owners funds back so they have some money to use in the even there is an emergency repair before the next rent cycle. This is to save the owner that hassle of dropping everything they are doing to wire funds to the PM at the last minute.