Security Deposits in New Jersey

[Brian Wolf]

Hey guys,

Just became a landlord in NJ and had a question about storing of security deposits. I currently just have one tenant so I opened a savings and checking account for the property in my name. I placed my tenants security deposit in the savings account and intend to only use that account for that. The account is an online banking account so I don’t know if that satisfies the “in NJ institution” I’ve been reading about. Also does the account need to be in the tenants name? Lastly, and least importantly, looking forward when I have multiple tenants...will I need to store each deposit in a separate account? Thanks guys!

-Brian