Security Deposit Account in FL

[Murali Jesudoss]

Hello BPers,

2021 has been an amazing learning year for me. Started out in Jan got my first property in Mar and end of the year, I have close to 20 properties under 4 different LLCs :-) I moved to FL recently and it allowed me to do PM for my own rentals in Ocala which are about 14+. Was able to rent them faster but hearing mixed answers on maintaining the security deposit from the tenants. 

I understand that it has to be in separate account but can this just be one business account for LLC that has SD of all the tenant for the LLC or do we need special kind of SD escrow account that has tenant as beneficiaries? Went to chase and they had no idea. BoA recommends LLC business checking account without tenant as beneficiaries.

Hopefully someone like me on the same boat and like to hear on how do you handle this and thanks in advance.