Lease Security Accounts

If you are a landlord or managing agent for a multi-tenant property, maintaining and tracking security deposits can be both time consuming and costly. BSNB can ease your administrative burden by establishing and maintaining these deposits for you.*

Save time and effort. Let us do the work!

  • One master account is established for the landlord, with up to 999 sub-accounts representing each tenant’s security deposit.
  • The landlord controls access to the account and must authorize all withdrawals, so your security deposits remain secure.
  • A monthly comprehensive statement summarizing the activity in the landlord account and detailing activity for each sub-account will be available.
  • Monthly interest disbursements will be made to the sub-accounts.
  • All year end 1099 tax forms for each sub-account are prepared and mailed directly to the tenants earning more than $10.00 in interest annually.

For more information, please call Deborah O'Connor at (518)-363-8119 or Deborah.OConnor@bsnb.com

* Available for multi-tenant properties with 20 units and up. $500 minimum to open the master account. The following set-up fees apply at account opening: 20 units – 50 units ($50.00); 51 units – 100 units ($100); 101+ units ($150). There are per item processing fees of: $0.15 per check, $0.25 per deposit, $0.15 per on-us, local and foreign deposited item. Interest is compounded and credited monthly to sub-accounts. Must maintain an average daily balance of $500 to obtain the disclosed annual percentage yield. Interest rate and annual percentage yield may change at any time.

Additional Services

Keep your cash moving.
Keep your cash secure.

We're here with unique Treasury Management solutions to help your business grow and succeed.
Learn More