How to handle deposits received on purchase of property Oklahoma

[Joe Miller]

Hey Everyone,

   I am getting ready to close on my first deal Monday and have been reading about how to handle the tenants security deposits i will be receiving. Based on what I have found online it seems like deposits in the state of Oklahoma are typically deposited into an escrow account that may or may not be interest bearing. 

Would I contact the bank about setting up a specific escrow account? I had assumed I would just need separate savings accounts in which to store each deposit.

Any incite would be appreciate! Thanks!