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I was in a Condo unit and I am about to move out.
The landlord says that in those 2 years, he put the security deposit in a 0.1% interest account.
I find that more than suspiscious. It doesn't make sense to me given the interest rates' hike. Am I allowed to ask for a proof that the security deposit was in a checking account at 0.1% and did not move out at all?
Most likely your interest on your security is a few bucks at most. If you think it's worth it, go ahead and fight the matter with the landlord.
I agree. My checking account interest rate with USAA is 0.01%, essentially pennies on the dollar. This isn't something I'd be fighting over. Unless you have proof that the LL banks with a bank with a significantly higher interest rate (I wonder if that's something you can figure out via the method that you pay rent, etc.), this seems like a lost cause with little upside.
I was in a Condo unit and I am about to move out.
The landlord says that in those 2 years, he put the security deposit in a 0.1% interest account.
I find that more than suspiscious. It doesn't make sense to me given the interest rates' hike. Am I allowed to ask for a proof that the security deposit was in a checking account at 0.1% and did not move out at all?
Thanks,
Law only requires LL place rental security deposits in separate account, it does not mean said funds must earn high interest.
Every security deposit interest payment have ever seen or heard of is pennies. This from say $1.5k to over $3k in funds.
As with most everything else about rental multi-family housing in NY landlords do what is required by law, no more. You get back your total security deposit, be happy.
I was in a Condo unit and I am about to move out.
The landlord says that in those 2 years, he put the security deposit in a 0.1% interest account.
I find that more than suspiscious. It doesn't make sense to me given the interest rates' hike. Am I allowed to ask for a proof that the security deposit was in a checking account at 0.1% and did not move out at all?
Thanks,
the law is if the landlord owns less then six apartments in the building ,no interest has to be paid .
if more then 6 apartments then it has to be kept in an interest bearing account .
it does not have to be market rates .the landlord can also take a 1% administrative fee a year from any interest
There are web based banks that offer higher interest rates but no lock on withdrawals. Either way, why would you want to fight someone who has some measure of making your life difficult available to them until after you get your security deposit back? Over an amount that likely wouldn't buy you a week's worth of groceries?
As a former landlord I held securities and had to pay taxes
on someone elses money for years until they decided to leave.
9 out of 10 times it took me 1-2 months to clean the mess left behind
before renting once more ontop of ( posted ) monetary losses.
Nevertheless, I kindly returned their security. Only once in decades was
I approached with the interest question. All I had to do was point at the messy
state they were leaving their apartment.
I can only laugh that a renter is expecting a high yielding APY. upon
leaving an aprtment.
Folks........Listen up...... Your money is usually held held in the equivelent of a piggy bank not a portfolio.
It's tough enough being your landlord it will be a cold day in you no what to be your investor.
Last edited by Mr.Retired; 11-13-2023 at 08:29 AM..
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