Landlord Question and Answer Forum
I have a rental house in San Jose, CA.I collected a $2000 security deposit. Do the funds need to be held in a separate acct or can I put the money in a personal account? And will I have to pay interest when payable?
Sophia w, CA on Monday, March 23, 2009
RE: Security Deposit Held in a separate Account
In certain jurisdictions such as San Francisco and Berkeley the landlord is required to pay interest on a security deposit. It is important to check with your jurisdiction for rules about security deposit interest. ALthough not specified; it may be wise to jkeep your security deposits in a separate account.
Donna , NC
Monday, March 23, 2009
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