Amalgamated Bank has designed the Resident / Tenant Rent Security Program specifically for those facilities with separate living quarters for private payment residents. The program offers several administrative and economic benefits.
Under this program, Amalgamated Bank maintains separate accounts for all rent security collected from your facility's residents or tenants. We provide each tenant or resident with a quarterly statement and a Form 1099 is forwarded at the end of each year for tax purposes. Full interest payment is issued annually or it can be added to the principal for the following year.
As a participant, your facility will be credited with a quarterly administrative fee equal to 1% of all interest earned on these accounts. Also, on a monthly basis, you will receive detailed reports on all account activity.
All deposit accounts listed are FDIC insured.
For more information on the Amalgamated Bank Resident / Tenant Rent Security Program, or to make an appointment, call one of our Health Care Relationship Managers at (212) 895-4600, or email us at hcfs@amalgamatedbank.com.