Does Security deposit have to be in bank account

[member335]

What is the name of your state (only U.S. law)? New York

In single family dwelling (not in New York City) can security deposit be held as cash, rather than deposited in a bank account. I would prefer not to have to get tenant's Soc Sec number, have extra bookeeping chores.
What paperwork does Landlord have to maintain?

i've been told that there is no obligation to deposit in bank, but if deposited, then annual statements have to be sent to Tenant re: bank name and location. Is this accurate?

Thanks for your help.

 

[HomeGuru]

What is the name of your state (only U.S. law)? New York

In single family dwelling (not in New York City) can security deposit be held as cash, rather than deposited in a bank account. I would prefer not to have to get tenant's Soc Sec number, have extra bookeeping chores.
What paperwork does Landlord have to maintain?

i've been told that there is no obligation to deposit in bank, but if deposited, then annual statements have to be sent to Tenant re: bank name and location. Is this accurate?

Thanks for your help.

**A: it cannot be held as cash especially under your mattress.

 

[CourtClerk]

What is the name of your state (only U.S. law)? New York

In single family dwelling (not in New York City) can security deposit be held as cash, rather than deposited in a bank account. I would prefer not to have to get tenant's Soc Sec number, have extra bookeeping chores.
What paperwork does Landlord have to maintain?

i've been told that there is no obligation to deposit in bank, but if deposited, then annual statements have to be sent to Tenant re: bank name and location. Is this accurate?

Thanks for your help.

Don't you already HAVE the tenant's SSN, since as all smart landlords do, you ran a full credit and background check prior to renting to them????

 

[member335]

Realtors did credit checks, corporation allocated rent.

Does landlord have to send name and location of bank each year? Interest bearing account? yes? no?

I was told if in bank, account does not have to be interest bearing for single family dwelling. Yes? No?

Thanks again