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Security deposit rules in {{ state }}
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Security Deposit Account for Landlords in {{ state }}
Thousands of tech forward landlords hold security deposits in a free Baselane banking account.
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Multiple accounts per property
No account fees or minimum balances
Earn up to [v="apyvalue"] APY² interest
Benefits of security deposit accounts in {{ state }}
Landlords
- Provides financial protection for landlords in the event of property damage caused by tenants
- Allows landlords to recoup losses from unpaid rent or other costs associated with the lease agreement
- Covers the cost of any repairs that need to be done on the property after a tenant leaves
- Gives landlords peace of mind that there will be a financial cushion if anything goes wrong during the tenancy period
Tenants
- Provides financial protection for landlords in the event of property damage caused by tenants
- Allows landlords to recoup losses from unpaid rent or other costs associated with the lease agreement
- Covers the cost of any repairs that need to be done on the property after a tenant leaves
- Gives landlords peace of mind that there will be a financial cushion if anything goes wrong during the tenancy period
Benefits of security deposit accounts in {{ state }}
Landlords
- Repair & Maintenance Coverage: Covers property damage such as paint, carpet, or floor damage, including cleaning costs for pets.
- Fund separation: Meet state requirements for holding deposits in a dedicated {{ state }} landlord security deposit account.
- Streamlined Returns: Simplifies tenant deposit refunds while accounting for deductions like cleaning or unpaid utilities.
Tenants
- Fair protection: Tenant security deposit funds are protected from misuse, covering only repairs for damages or unpaid rent.
- Transparency on Deductions: Tenants can clearly see allowable charges, protecting against unfair claims on normal wear and tear.
- Savings Potential: Security deposits in {{ state }} may be held in an account that earns security deposit interest, helping tenants recover more than they put in.
Why choose Baselane
Manage security deposits and more
- All-in-one platform with banking, rent collection, accounting and more
- Eligible to hold security deposits*
- Free rent collection that’s landlord and renter friendly
- Earn up to [v="apyvalue"] APY2
- Comprehensive cash flow analytics and reporting
- Modern user interface and experience
- Excellent customer support
Take control of your spend
Open a security deposit account and use physical & virtual debit cards with custom spend controls and automated transaction tagging with Schedule E categories.
Easily collect and return security deposits
Collect funds for security deposits via ACH, wire or check.
Why choose Baselane
Easy to get started
Open a security deposit account for free
Create a virtual account
(aka - security deposit account)
Collect security deposits into virtual account
Frequently Asked Questions
How much is a security deposit in {{ state }}?
In what other states can you use Baselane?
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How is the security deposit amount determined when using the Baselane service?
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How are my personal information and funds protected when using the Baselane security deposit accounts?
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Do I need a new security deposit agreement if my tenant switches to month-to-month rent?
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When can I collect the security deposit?
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Get Your Free Rental Security Deposit Account Today
Make it easy to manage rental security deposit accounts with Baselane's Banking accounts.
