How to Collect and Hold Security deposits with Baselane banking

  • Updated

You can create virtual banking accounts specifically designed for managing security deposits. These virtual accounts offer several benefits:

State Regulations: Our Banking accounts can hold tenant security deposits, but the specifics depend on state regulations. Please note that while we partner with Thread Bank, located in Tennessee, the regulations vary by state.

For specific state-level requirements regarding security deposit bank accounts, please refer to the following article.

Organization: Virtual accounts allow you to easily track and manage security deposits separately from other funds, providing better clarity and organization for your financial records.

Interest-Bearing Options: Depending on state regulations, you can hold security deposits in either interest-bearing or non-interest-bearing accounts (checking and savings).

To create virtual accounts to hold your tenant's security deposit, please follow the steps below:

  • Navigate to the Baselane Banking tab
  • Scroll down to the 'Accounts' section, and select the Baselane Banking account you'd like to open a Checking or Savings account under
  • To the right of the blue 'Move Money' button at the top, select the 'Add Account' button.
  • Select 'Savings account' or 'Checking account' from the two options
  • Add an account nickname
  • You can toggle the 'Auto-tag' option so that all of the transactions in this account auto-tag to a specific property/unit.
  • Agree to the terms and conditions and select 'Create an account'.

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