1. Is SecurityDeposits.com a bank?
SecurityDeposits.com is a software product that manages the security deposit process including security deposit payments and escrow service.
2. Is there a bank? Is my money separate?
All funds are deposited with Bank of America in individual accounts under the security deposits master escrow account.
3. How is interest paid?
Interest starts to accrue on the first day of tenancy at the current bank rate. It is paid on the anniversary of the tenancy.
4. How do you collect the security deposit
We collect the security deposit from either the tenant or the landlord.
5. How is the security deposit returned?
Security Deposits are returned via direct deposit to the bank account entered for disbursement. The landlord initiates the payment through our website.
6. Is it secure?
We use the latest technologies including bank level encryption for all transactions. In addition, all funds are deposited with and protected by Bank of America.
7. What information do you collect?
We collect the same information a landlord and bank would need to collect. This includes your personal and tax information.
8. How do you use my personal information
Your personal information is only used to fulfill the requirements of the transaction.
9. How does a landlord create deductions?
Deductions to your security deposit are documented with a description of the damage and repair as well as receipts for the repair. If there are deductions to your deposit, you will receive an itemized list of the damages and deductions.
10. Why should I use SecurityDeposits.com?
Security Deposit laws protect both the landlord and the tenant, but they are complex. SecurityDeposits.com has simplified the process in a safe and secure system.
11. I'm buying or selling a property with security deposits in the SecurityDeposits.com system. What do I do?
If you are transferring control of the security deposits to a new owner, when logged into the site, go to the INFO menu in the top right corner and select either Buying or Selling. This will step you through the process of completing the transfer.
12. My name and the business name I use for my property are different. Will your system work for me?
For each security deposit you will be prompted to enter in the Lessor information. This could be your name or the name of another entity.
13. How do I change my bank account for disbursement?
Once logged in, you'll see a link to edit your disbursement on the dashboard for your deposit.