U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > New Jersey
 [Register]
Please register to participate in our discussions with 1.5 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Jump to a detailed profile or search
site with Google Custom Search

Search Forums  (Advanced)
Business Search - 14 Million verified businesses
Search for:  near: 
 
Old 10-13-2010, 06:32 PM
 
1 posts, read 2,021 times
Reputation: 10

Advertisements

I would like to receive the interest rate due on tenant's security deposits from 1999 to the current date.

Banks or the library were unable to help me
Reply With Quote Quick reply to this message

 
Old 10-13-2010, 06:39 PM
 
599 posts, read 917,409 times
Reputation: 399
Legally, I think you were supposed to put the money into an interest bearing account untouched over the course of the lease. It sounds like you didn't do that and are now trying make it up, which is probably totally fine. However, now it will be impossible to know exactly how much you owe the tenant. I would look at average interest rates on a simple savings account for each year, then figure it out from that point. Just be careful that the tenant doesn't suspect any issues.
Reply With Quote Quick reply to this message
 
Old 10-13-2010, 07:39 PM
 
Location: Vermont
4,719 posts, read 9,086,986 times
Reputation: 1927
they do not say what the interest has to be. it could be 0.1%
Reply With Quote Quick reply to this message
 
Old 10-14-2010, 06:29 AM
 
6,762 posts, read 4,753,140 times
Reputation: 9281
It depends what bank the landlord put the money in, which he should be able to tell you. It is not going to be very much, that 0.1% is probably close to the mark, bank interest rates for savings accounts are notoriously low.
Reply With Quote Quick reply to this message
 
Old 10-14-2010, 08:24 AM
 
1,952 posts, read 2,461,748 times
Reputation: 1036
It's almost nothing(like $20 for every $2,000 principle). Here is a good tool to use. .1% should be fine to use as interest rate.

Compound Interest Calculator
Reply With Quote Quick reply to this message
 
Old 10-14-2010, 12:10 PM
 
85 posts, read 159,790 times
Reputation: 23
If they have not paid you any interest, then you are entitled to use that security deposit x 7% compounded interest on future rent payments (you must give the landlord 30 days written notice) and they can not require an security deposit from you after that.

LSNJLAW - D: Chapter 3: Security Deposits
Reply With Quote Quick reply to this message
 
Old 10-14-2010, 12:36 PM
 
1,952 posts, read 2,461,748 times
Reputation: 1036
Quote:
Originally Posted by mboy View Post
If they have not paid you any interest, then you are entitled to use that security deposit x 7% compounded interest on future rent payments (you must give the landlord 30 days written notice) and they can not require an security deposit from you after that.

LSNJLAW - D: Chapter 3: Security Deposits
WOW! That's great I didn't know that provision existed. Great find. i would read the exceptions carefully since if they do put a bank address it is sufficient notice and if you never verified the deposit you are still up a creek.

If you are the landlord and rent fewer than 10 apartments I would check with a RE Attorney since there may be a loophole for you. Either way the most it looks like you'd be out would be a month's rent( interest) and the security deposit.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Options
X
Data:
Loading data...
Based on 2000-2011 data
Loading data...

123
Hide US histogram

Over $84,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > New Jersey
Similar Threads

All times are GMT -6.

2005-2014, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25 - Top