Tenant Lease Security Accounts
If you are a landlord or managing agent for multi-tenant properties, large or small, Apple Bank can manage your tenant lease security accounts. The bank offers a service that removes much of the administrative work from the landlord. The important features of the service include:
- A detailed quarterly statement for each property with sub-accounts representing each tenant’s security deposit;
- Tenants are not allowed access to the account. The account is under the control of the landlord;
- The Bank pays interest on each sub-account and credits the landlord with the appropriate administrative fee to which it is entitled;
- The Bank administers all tenant interest distributions;
- The Bank, at the instruction of the landlord or the agent, administers modifications to the lease security sub-accounts due to changes in tenants, names, rents, etc;
- All year-end IRS 1099 tax forms are produced and mailed by the Bank to each tenant and landlord; and
- No administrative fees are assessed by the Bank.
Let Apple take care of the tedious task of managing your tenant security deposits in an organized and professional manner.
Call 914-902-APPLe (2775) for more information.