Typical for property manager to get security deposit interest?

[Matthew Bass]

Hey everyone. My wife and I are new to the rental real estate business in NC. The contract we're signing with our property manager states that he will be responsible for putting security deposits from our tenants into dedicated bank accounts, and that he will receive any interest from the security deposits. Is this standard operating procedure for property managers in NC? I would expect the interest to go to the owner, but if this is typical we can live with it. (I can't imagine the interest will amount to much anyway.)