Interest bearing trust account for tenants` Security Deposits.

[samwei]

Hi all,

Since it`s a requirement to place the tenants` security deposits in an interest bearing trust account, do I need to open just one bank account in which I deposit the tenant`s SD if I have several properties? Or do I have to open such an account for each property?

thanks,

 

[DonCampbell]

Hi Sam,

In most cases one trust account will do for all Security Deposits. Your property management company will also take care of this for you.