Deposit Receipt

Full Definition

A deposit receipt is a written document confirming that a landlord has received a security deposit from a tenant. Many states mandate that landlords provide a receipt within a specific number of days after collecting the deposit. Required contents vary by state but typically include: the amount received, the date received, the address of the rental property, the name of the financial institution where the deposit is held, and the interest rate (if the state requires interest). Some states, such as Massachusetts, require that the receipt also include the landlord's bank account number and a statement of the tenant's rights. Failure to provide a required receipt can have significant consequences -- in some jurisdictions it prevents the landlord from making any deductions at move-out, or it triggers automatic penalties. Tenants should keep the deposit receipt for the entire tenancy and retrieve it when disputing any deduction.