Leader Bank Introduces ZDeposit: Simplifying the Opening of Security Deposit Accounts

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ZDeposit saves landlords and property managers time by streamlining the opening and management of tenant security deposit accounts

Customers who are using our products to automate rent collection and security deposits are seeing substantial time savings and better organization in their daily tasks.

Leader Bank is pleased to introduce its proprietary security deposit management tool – ZDeposit (http://www.zdeposit.net). This free product for landlords and property managers, which was designed by the team who created ZRent, streamlines the opening of tenant security deposits through a completely digital experience. With ZDeposit landlords and property managers create new security deposit accounts online by taking a picture of a check and inviting tenants to enter their information digitally. Additionally, ZDeposit automates many of the compliance headaches for landlords such as generating the account disclosure forms, apartment conditions statements, and sending the annual interest payments directly to tenants. ZDeposit modernizes the old way of opening security deposit accounts, eliminating the need for trips to the bank or manually filling out paperwork.

“Landlords, especially smaller landlords, are often not sufficiently knowledgeable or organized to comply with the stringent requirements of the Massachusetts security deposit law,” commented George Warshaw, Attorney and Author, Massachusetts Landlord-Tenant Law, Lexis Law Publishing. “Landlords will find Leader’s ZDeposit program a necessity in helping meet their legal requirements while making the experience easy.”

“We are excited to launch ZDeposit as a service to help landlords and property managers save time and be more compliant,” said Jay Tuli, Executive Vice President at Leader Bank and creator of ZRent and ZDeposit. “Customers who are using our products to automate rent collection and security deposits are seeing substantial time savings and better organization in their daily tasks.”

ZDeposit follows the successful launch of ZRent (http://www.zrent.net), which was created by Leader Bank in 2015. ZRent processes millions of dollars of rent per month and has helped automate rent collection while saving time for thousands of landlords and tenants. Leader Bank is currently licensing ZRent to other financial institutions, and will begin doing so with ZDeposit in late 2018.

ZDeposit is available to all landlords and tenants free of charge. All security deposit accounts opened through ZDeposit will be held at Leader Bank. For more information, visit http://www.zdeposit.net, email zdeposit@zdeposit.net, or call 781-614-8691.

About Leader Bank and the ZRent Team
Leader Bank is a nationally chartered bank with over $1.2 Billion in assets headquartered in Arlington, MA. Leader Bank consistently ranks as one of the top mortgage lenders in Massachusetts for purchase transactions, originating over $1.8 Billion in 2017. The ZRent team is an independent division of Leader Bank that creates innovative banking products for its customers and licenses the technology to other financial institutions. For more information about Leader Bank, visit http://www.leaderbank.com or call 877-691-7900.

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