Security Deposit Rules

[Philip L.]

I understand that the security deposit needs to be in a regulated financial institution account - I currently put them into my company's chase business savings account - is this good enough or are we required to open a some kind of special dedicated account?

[Rodolfo Goncalves]

There is no need to open a dedicated account, as long as you make it clear where the funds are deposited. I usually put a note in the rental agreement such as "Security deposit to be held at XYZ bank, account 1234". But of course, always run your contract by a lawyer.