REFUNDING THE SECURITY DEPOSIT ELECTRONICALLY
09-02-2025
SECURITY DEPOSIT REFUNDING
09-02-2025
THE USUAL MEANS OF RETURNING ALL OR PART OF A TENANT’S SECURITY DEPOSIT IS BY CHECK. IT IS POSSIBLE IN MANY CASES TO SEND THE FUNDS ELECTRONICALLY.
- If you are returning all or part of a Tenant’s security deposit, the law does not require that you use a traditional check.
- You are allowed to send the Tenant’s funds to them in any way where the Tenant will receive these funds and not be charged a fee.
- If there are multiple Tenants, this presents an issue as you are NOT permitted to split the security deposit refund UNLESS all parties agree as to the amount of the split using the proper AGREEMENT.
- If the Tenants agree using the AGREEMENT to a percentage split of the deposit, you can electronically transfer these funds to the Tenants in the split percentage stated in the AGREEMENT.
NEVER SPLIT A SECURITY DEPOSIT REFUND UNLESS ALL THE TENANTS AGREE TO THE SPLIT PERCENTAGE IN WRITING. IF THERE IS NO AGREEMENT, THE SECURITY DEPOSIT REFUND SHOULD BE SENT IN THE NAMES OF ALL TENANTS WITH “AND” BETWEEN EACH NAME AND IT IS UP TO THE TENANTS TO WORK IT ALL OUT.
LAW OFFICES OF HEIST, WEISSE & WOLK, PLLC
“Serving the Property Management Professional”
www.evict.com www.evicttv.com www.evictforms.com info@evict.com
- STORM
- SALE
- PETS
- RENT
- LEASE
- EVICTIONS
- LIABILITY
- LEAD
- ABANDONMENT
- DEATH
- DEPOSIT
- EVICTION
- APPLICATION
- BANKRUPTCY
- ATTORNEYS FEES
- ADVANCE RENT
- DEPOSITS
- RENTAL FURNITURE
- FLOOD
- FIRE
- LIABILITY AVOIDANCE
- CARPET
- NONCOMPLIANCE
- ACCESS
- PET DEPOSIT
- EARLY TERMINATION
- CORPORATE TENANTS
- SATELLITE DISHES
- RENEWING A LEASE
- REMOVING A TENANT FROM A LEASE
- REFERRAL FEES
- LEASE BREAK
- CORPORATE TENANT
- APPLICATION AND SCREENING
- LAWSUIT
- LEASE SIGNING
- NOTICE SERVING
- REPAIRS
- NONCURABLE NONCOMPLIANCE
- TENANT PAINTING
- LEASE BREAKS
- TENANT DEATH
- ATTICS
- UNAUTHORIZED OCCUPANTS
- TAX LIENS
- SUBLETTING
- SQUATTERS
- LEASE SIGNING AND POA
- SHOWINGS
- CREDIT REPORT
- NONRENEWAL
- ESA AND SERVICE ANIMALS
- SECURITY DEPOSIT REFUNDING
- SCREENS AND WINDOWS
- RENT ABATEMENT
- RENEWAL CONFIRMATION
- REMOVING A TENANT
- PROCESS SERVER
- PRESSURE WASHING
- PREPAID - ADVANCE RENT
- PRE AND POST CLOSING OCCUPANCY
- PERSONAL PROPERTY
- DEPOSIT FUNDS
- NSF CHECKS
- MOLD
- NOTICES
- INSURANCE
- HVAC
- HOT TUB
- HOMESTEAD
- SECURITY DEPOSITS
- FIREPLACE
- SAFETY
- DOG BITES
- DISCLOSURE
- NONCOMPLIANCES
- CORPORATIONS
- LATE RENT
- CARBON MONOXIDE
- ASSOCIATIONS
- AIR CONDITIONING
- POOLS
- RELEASES
- FICTITIOUS NAMES
- SUING AND COLLECTIONS
- COLLECTIONS AND SUING
- YOUR TENANT SERVED YOU WITH A 7 DAY NOTICE - WHAT DOES THE TENANT WANT?
- WHAT DOES THE TENANT WANT?
- VERBAL AGREEMENTS
- TERMINATING DUE TO A MAJOR REPAIR NEED
- TERMINATING DUE TO MOLD
