I’m typically holding around 45 individual student security deposits. I usually collect them with Venmo and pay them back with Venmo and it works ok. Recently, Venmo has not been allowing me to return security deposits for some reason.

Do you know of a security deposit “system”, something like ClearNow for rents? A place/bank, that would hold 45 security deposits, in student names, and I just click “return security” to send the student back their security deposits, after they left.

A little background: I rent to groups of 2-15 students, on a single lease and collect a single rent payment for each group. However, I collect individual security deposits from each student, since a “group” may renew a lease, but single student members of the group may move out at the end of the lease and new members added, so I keep the security deposits individual, to allow for “partial” move ins and move-outs.

And BTW, 98% of the time I return the full security deposits. In my 16 years of doing this, I’ve just about never had any student damage any property, except for aggressive adhesive for wall hangings that peals paint and students leaving junk behind. So, I hardly have to deal with any deductions from security.

Any ideas are appreciated. I am happy with Zelle, for returning security deposits, except I run into their payment limits quickly. My wife suggested doing security deposits all out of quicken.

Thank you for any ideas!!

Thanks, I like that idea Ed. I use Excel for maintenance schedules and could see a simple sheet for security deposits. Mabe rows showing the property locations and names of the persons living there and column headings showing the amount each person pays for sec dep, if they have paid, how they paid (venmo, zelle, check, cash) if they moved out, if a walk through has been done, if their security deposit has been returned and how it was returned (venmo, zelle, check, cash).

I’m not using Venmo at all. I will occasionally use Zelle, since my bank has incorporated it into their system.

For deposit refunds? I still mail a physical check, even to my college student residents. Helps me track it better. If I could send an ACH transfer, I would, but so far no one has complained about a check.

I still use an amazing number of them…

Deposit refunds

Lawn maintenance

Handy man

Painter

BillW,

Checks still work.

Don't let technology slow you down.

Yes, Barb and BRAD, checks work fine and mailing them seems like the answer. Thanks. It’s not something I need to do often.