Banks with landlord tenant security deposit accts

Banks with landlord tenant security deposit accts by Hoatzin1 (New York) on June 4, 2015 @11:04

HSBC recently decided not to offer Landlord security deposit account services so I've been looking other banks to deposit and manage my tenants security deposits. I've gone to 3 banks in NYC so far (TD Bank, Chase and Apple Bank) and none of them seem to know how to deal with this type of account. A rep at TD Bank said they are used to dealing with the landlord with 1 building and 1 tenant. We have several building with about 60 tenants. Can anyone recommend a bank that deals with deposits from landlords that own more than one property?

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Re: Banks with landlord tenant security deposit accts by P-Bone (NY and OH) on June 4, 2015 @11:38	[ Reply ]

When HSBC moved out of Western New York, I transferred all my accounts to Ally. They are online only, but I maintain a basic online only savings account for all of my deposits and then a MMA account so that I can transfer money there to write out check refunds. I get the money in the online account by ACH from another standard business related checking account where I have a local branch. I don't think there's a requirement to have a specific landlord type account, just put it in a savings account that you maintain in accordance with the rules and regulations, including paying of interest. Right now, Ally's online savings accounts pay .99% interest, so since in NY you can keep up to 1% for administrative functions, I retain all the interest.

Re: Banks with landlord tenant security deposit accts by Katiekate (New York) on June 4, 2015 @14:52	[ Reply ]

I just open another 11 month CD with the credit union. A copy of the certificate is sent to the tenant. When I close that CD...the documents from the CU are included to show the interest paid and the date to was liquidated. Tenant can see it is the same CD because the have a copy of the original instrument. As I only have 5 tenants...2 duplex and 2 sfh in New York I am not required to do this at all...but it makes my life simpler this way

Re: Banks with landlord tenant security deposit

Re: Banks with landlord tenant security deposit accts by Joel on June 4, 2015 @17:39	[ Reply ]

Yes, KatieKate has the right idea.

Re: Banks with landlord tenant security deposit accts by Anonymous on September 17, 2017 @11:35	[ Reply ]

I know this is an old post but JPMORGAN Chase offers the product. They require an established relationship however.

Banks with landlord tenant security deposit accts - Landlord Forum thread 335799