Landlord/Tenant Security Deposit Tracking™
Tax and interest management
Landlord/Tenant Security Deposit tracks the interest split between landlords and tenants, and the amount of interest due to each party at year-end. CIF records for landlords, tenants, and corresponding buildings are also tracked. Automated interest cycles control when interest is credited to tenants and landlords, and automated statement cycles determine when the interest split portion is paid to landlords’ accounts and automatically sends checks to tenants for their portion. This tax and interest management application defines tenants, landlords, and buildings with numerous class and relationship codes and generates an array of standard reports.
This solution is available to banks automated by the SilverLake System® and CIF 20/20® platforms.
What It Does
- Leverages the advanced functionality of the SilverLake System and CIF 20/20 deposit systems to manage lease security, interest bearing accounts established by landlords for the purpose of holding rent security deposits.
- Tracks year-to-date tax information, federal and state tax withholdings, CIF relationships, and the interest amounts that are due to both tenants and landlords.
- Provides automated cycle control when interest is credited to tenants and paid to landlords and tenants, or an option is available to generate on-demand checks.
- Defines tenants, landlords and buildings with numerous class and relationship codes; and generates an array of standard reports.
What It Does For You
- Maintains landlords’ funds as trustee for the tenant.
- Provides interest-bearing accounts established by landlords for the purpose of holding rent security deposits.
- Establishes a process for determining the landlord and tenant portions of the earned interest.
- Interest can be automatically credited via internal transfer, check or ACH on scheduled remittance dates or on demand.
- Leverages the experience gained by producing millions of business forms.