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All Forum Posts by: Tearsa Dougherty

Tearsa Dougherty has started 1 posts and replied 1 times.

General Landlording & Rental Properties

Post: FL -Can you keep a security deposit in an online bank like Axos?

Tearsa DoughertyPosted
  • Posts 1
  • Votes 0

I'm buying a duplex in Florida and the tenant is already in place during the closing the seller is moving the security deposit over to me. Can I keep the tenant's security deposit in an online bank? I know the official law says the below. But technically Wells Fargo and big banks here are not headquartered in Florida. 

"Hold the total amount of such money in a separate non-interest-bearing account in a Florida banking institution for the benefit of the tenant or tenants. The landlord shall not commingle such moneys with any other funds of the landlord or hypothecate, pledge, or in any other way make use of such moneys until such moneys are actually due the landlord"

0 Votes