Background:
We recently rented our 2 bedroom unit to new tenants in Massachusetts; they are boyfriend and girlfriend. I went to set up the Security Deposit account with my wife and I as the custodian and them as the owners, and I hit a little roadblock.
The bank only allowed 1 custodian and 1 owner. They said these were their internal rules and I got confirmation from multiple people in the bank. Wasn't a huge issue for my wife and I as we share finances and I manage the property, but I'm unsure of the implications for the tenants. The tenants gave me the okay that they were fine with only 1 of them on the account, but I'm a bit un-easy that I may be screwing with the very strict MA rules surrounding Security Deposit Account.
I ended up setting up a single account with 100% of the security deposit in it. I'm the sole custodian, only one of the tenants is the owner.
Basic question: Is it okay that the Security Deposit is only in one of the tenant's names? Should I try to find a new bank that can do a joint account? Should I do 50% in one of their names, and 50% in the other?
