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Old 07-25-2010, 09:21 AM
 
28 posts, read 43,609 times
Reputation: 13

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I have been renting an apartment in Central NJ for 22 months. Originally I put down $2300.00 as a security deposit. I asked the landlord recently, to see the interest statement on it, but was never given it. I called him, and he hasn't returned my calls, either.
I looked up NJ tenant laws online, and accd.to them, I am entitled to the interest, or at least, to receive a yearly statement concerning it.

If the money was in an interest bearing business account,(at an average interest rate for that type of account,)
could anyone tell me about how much the interest would be on the $2300.00 after 22 month? I know it's not a lot, but I think maybe he has used it, and doesn't want me to know.

I know I'm being suspicious, but I know the economy is bad, and I DON'T trust this landlord.

Thank you (in advance!)
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Old 07-25-2010, 10:07 AM
 
Location: The Milky Way Galaxy
2,256 posts, read 5,819,628 times
Reputation: 1503
It'll be pretty small like under $5.
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Old 07-26-2010, 01:22 PM
 
15,780 posts, read 14,052,841 times
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I'd be more concerned that he never put the money safely away. The interest is almost nothing, probably getting zero point-something percent to one percent which equates to practically nothing (the less than $5.00 answer is most likely pretty accurate). Do you know what bank the account is in? The account is supposed to be in your name as well as his so you should be able to call the bank and get a statement. I get mine sent to me by the bank each year, you need to know the amount so you can pay taxes on it in your return. It's not much, but it'd suck to get audited because you didn't declare $3.00.
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Old 07-26-2010, 01:40 PM
 
28 posts, read 43,609 times
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Thank you mgt04, and ocnjgirl for your replies. I think the bank is Bank of America, and I will find out for sure. I thought it would be tiny, Now I know for sure! Thanks, JV.
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Old 07-26-2010, 02:48 PM
 
Location: NJ
17,579 posts, read 37,604,162 times
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You may want to post this in the renting forum. They talk about this all the time. I know different states have different rules, but if the LL has not followed the rules you may be entitled to damages concerning your deposit.
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Old 07-26-2010, 02:54 PM
 
Location: NJ
17,579 posts, read 37,604,162 times
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Here is some very good information.

LSNJLAW - D: Chapter 3: Security Deposits
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Old 07-27-2010, 09:17 AM
 
28 posts, read 43,609 times
Reputation: 13
Thank you manderly6 ! I will look in the renting forum also, haven't done that.
:-)
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