Profile picture for laurencerausa

How to record a security deposit

On what kind of account do you deposit a security deposit for a rental in Florida. Does it need to be a special account just for this purpose?
  • May 07 2012 - US
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Answers (2)

Florida law states that the funds must be in a seperate, non interest-bearing account in a Florida banking institution. OR a seperate interest bearing account in a Florida banking institution. If it is in an interest bearing account, the tenant shall receive interest in an amount of at least 75 percent of the annualized average interest rate payable on such account OR 5 percent simple interest, WHICHEVER the LANDLORD elects. The landlord shall not co-mingle 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.
  • May 07 2012
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Profile picture for Sharon Lewis
Yes, open up a separate account for the security deposit. Do not put in or take out any funds from that account unless its other security deposits from other rentals. Do not borrow from that account, that money 'belongs' to your tenants. You are simply 'holding' it, hope that helps. Put it in a savings account or money market, interest earned belongs to the tenant 
  • May 07 2012
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