Handling of Security Deposits in Chicago

[Eric Sanders]

Hi Everyone,

Quick question on security deposits in Chicago. 

Can I combine the security deposits of different units into 1 bank account?

I understand that landlords cannot commingle security deposit funds with the assets of the landlord, and the security deposit must be kept in an FDIC insured bank account located in Illinois, but it's not clear to me if multiple security deposits can be combined into one account. Just trying to err on the side of safety

Thanks in advance,

Eric

[Brie Schmidt]

Originally posted by @Eric Sanders:

Calculating the interest and giving the tenant the correct amount is a concern of mine. I'm just trying to understand if using one account for all the deposits is allowed or not. 

Definitelt appreciate all the posts on using move in fees as opposed to deposits though. Less room for error on the landlords end.

You need a seperate account for each SD