Chicago security deposits - is business account enough?

[Janna Afanasjeva]

For those landlords who take security deposits in City of Chicago, is a separate business bank account sufficient for the security deposit or do I still need to set up the special landlord account that requires all W-9 paperwork from tenants etc? I am trying to see if I can use a separate business bank account for each security deposit and avoid all the paperwork with W-9s.

No need to suggest move-in fees - I am only interested in doing security deposits at the moment and am very familiar with Chicago RTLO.

[Brie Schmidt]

Quote from @Janna Afanasjeva:

For those landlords who take security deposits in City of Chicago, is a separate business bank account sufficient for the security deposit or do I still need to set up the special landlord account that requires all W-9 paperwork from tenants etc? I am trying to see if I can use a separate business bank account for each security deposit and avoid all the paperwork with W-9s.

No need to suggest move-in fees - I am only interested in doing security deposits at the moment and am very familiar with Chicago RTLO.

 It does not need to be a business account, it can be a personal account too.  Each SD needs to be in it's own account, the account must be interest bearing and there is a minimum set by the city every year, the interest must be paid back to the tenant at least every 12 months.  It is usually less than $1 so I just zelle them a dollar along with their lease renewal