Tenant lease accounts
Manage a tenant lease account with confidence
Learn more about tenant lease accounts at Chase
What is a tenant lease bank account?
A tenant lease bank account is an account used to hold a tenant’s security deposit for a rental property. The landlord or property manager sets up this account to keep the deposit separate from their own money. The account is used to protect the tenant’s deposit and make sure it is available to return to the tenant at the end of the lease, minus any deductions for damages or unpaid rent.
Opening a tenant lease bank account
To open a tenant lease bank account, you will need your tenant lease documents and IDs, and then schedule a meeting with a banker at a Chase branch.
Required tenant lease documents
To get started, landlords should bring the lease agreement.
Tenant lease document examples
- Lease agreement
Other document examples (if applicable)
- Power of attorney (POA)
Required identification
Landlords will need primary and secondary IDs that display their current U.S. residential address.
All ID requirements are subject to change based on account or customer information. Please contact your local branch for additional ID requirements.
U.S. citizens
Primary ID examples
- Driver's license
- State ID
- U.S. Passport
Secondary ID examples
- Credit or debit card
- Bank statement
- Recent pay stub or utility bill in your name
Non-U.S. citizens
Primary ID examples
- Passport with photo
- U.S. Employment authorization card
- Matricula consular card
Secondary ID examples
- Driver's license
- Bank statement
- Recent pay stub or utility bill in your name
Schedule a meeting with a Chase banker
After you've gathered your documents, you will need to schedule a meeting with a banker to open or service a tenant lease bank account. All landlords may need to be present at the meeting. If you are a client of JPMorgan Private Client, please reach out to your Relationship Manager or Senior Private Client Banker to open a tenant lease bank account. You may have to visit a Chase branch more than once. Requirements may vary by state.
FAQs
A tenant lease bank account is an account used to hold a tenant’s security deposit for a rental property. The landlord or property manager sets up this account to keep the deposit separate from their own money. The account is used to protect the tenant’s deposit and make sure it is available to return to the tenant at the end of the lease, minus any deductions for damages or unpaid rent.
A tenant lease account can be opened by the landlord or property manager named in the lease agreement. This person manages the account for holding tenant deposits or rent payments. To open the account, they need to bring the lease agreement or other documents that show their authority to act for the property.
After you have the lease agreement or other proof of authority, you will need to meet with a banker in person to open or service a tenant lease account. These accounts cannot be opened online.
No, you cannot convert an existing account into a tenant lease account. A new account will need to be opened for this purpose.
If the landlord is a business rather than an individual, the representative of the business will need to bring additional documents that show they are authorized to act on behalf of the business. The specific documentation required may depend on the type of business entity.