Rental security deposit question (apartment, month to, landlord)

[jmdurett]

Sorry for all the questions today -- along with today's mail came a full helping of drama.

Anyway...today I received the security deposit back from my landlord. And as happy as I am to have it returned in full, I was curious about the fact that this money did not appear to be in an interest-bearing account, which is required by NJ state law, I believe.

Should I let it go? Is it worth looking into? In all, we're probably talking about $50 or so worth of interest.

The building I was in, for reference, is comprised of about 15 units, and the owner does not live on site.

[Alex07860]

Originally Posted by jmdurett

Sorry for all the questions today -- along with today's mail came a full helping of drama.

Anyway...today I received the security deposit back from my landlord. And as happy as I am to have it returned in full, I was curious about the fact that this money did not appear to be in an interest-bearing account, which is required by NJ state law, I believe.

Should I let it go? Is it worth looking into? In all, we're probably talking about $50 or so worth of interest.

The building I was in, for reference, is comprised of about 15 units, and the owner does not live on site.

Let it go, specially if the loss of potential interest earned was minimal, why aggravate yourself further w/ this?. If it was me, I'd move on and say C'est la Vie or however you spell that.

[teachbeach]

In some states, the security deposit does not have to be put into an interest bearing account until after the 1st or 2nd year (lease continually renewed, same unit). How long did you live in the unit?

[hrjersey]

It can't hurt to call or send a letter although with interest running about 1% it is probably not worth it. For your reference the landlord must send you in writing the name of the bank and address by the 30th day you are in your apartment and every year thereafter and, is supposed to pay the interest to you yearly.

[jmdurett]

You're right. I'm sure there are a million things he could have taken off for, so I think I'm letting this one go. Thanks!

[jmdurett]

I was in the unit about a year and a half. It went month to month after the first year. I had assumed because it was a small building that the bank account rule didn't apply, although I have no idea why I assumed that!