Bank accounts for tenant deposits

[Dave S.]

My wife and I are taking over the property management our rental properties from the existing property manager. Our question is about setting up bank accounts. We live in WA state and our personal banker said that if we own our properties in our name and not a business it is not necessary to setup business accounts. We setup two accounts for each property jointly in our names, one account for the security deposit and one account for the operating account. We nicknamed each account with the corresponding property address. After reading more of the forums I stumbled across many people setting up DBA's. Does anyone see an issue with the way we have things setup? I don't want to overcomplicate things. We do have liability coverage already. If we did setup DBA's is it more common to use our SSN's or going an additional step to setup EIN's.