Business Banking
Business Banking

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.

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