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First, let me get you the laws:
In short, the security deposit must be deposited at a bank within New York State and must not be co-mingled with the personal money of the landlord. If the landlord has 6 or more properties, then the landlord must place the security deposit in an interest-bearing account.
Notice must be given to tenant in writing as to the name of the bank where the security deposit is placed, the address of that bank, and the total amount deposited.
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