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Updated almost 4 years ago,

User Stats

58
Posts
15
Votes
S Harper
  • Real Estate Investor
  • Denver-metro, CO
15
Votes |
58
Posts

What type of account do you use to hold security deposits?

S Harper
  • Real Estate Investor
  • Denver-metro, CO
Posted

The small business banker who initially set up the zero interest bank account for me said that he put restrictions on the account that won't allow for withdrawals on the funds sitting there. He has since left the company. When confirming some information with another small business rep, they said that anyone with the account number can access the money. So far the bank reps have no suggestions - I am dealing with the 1-800 small business center and a rep in my home state, people not in FL.

I'm from out of state and haven't dealt with a situation like FL, where the landlord is required to provide the account number and name of the bank holding the security deposit. 

Looking for how other people are handling this. Thanks

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