Lease Security Accounts

If you are a landlord or managing agent for a multi-tenant property, maintaining and tracking security deposits can be both time consuming and costly. BSNB can ease your administrative burden by establishing and maintaining these deposits for you.

Save time and effort. Let us do the work!

  • One master account is established for the landlord, with up to 999 sub-accounts representing each tenant’s security deposit.
  • The landlord controls access to the account and must authorize all withdrawals, so your security deposits remain secure.
  • A monthly comprehensive statement summarizing the activity in the landlord account and detailing activity for each sub-account will be available.
  • Monthly interest disbursements will be made to the sub-accounts.
  • All year end 1099 tax forms for each sub-account are prepared and mailed directly to the tenants earning more than $10.00 in interest annually.

For more information, please contact Renee Flanders at (518) 363-8694 or Renee.Flanders@bsnb.com.

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