Best way to receive a security deposit?

[Justin White]

Hello,

I'm having trouble figuring out how to receive a security deposit. I am required to hold it in an escrow account and inform the tenant of the location. I use chase bank and TurboTenant software to manage the rental. Turbo Tenant can only deposit into checking accounts. I'm not sure if the deposit can be held in an account with only my name on it. I'm also not sure if the deposit can first be transferred into a personal checking account and then into a savings account. Anyone use Turbo Tenant that can help with this? Thanks.