New Jersey renter's security deposit earnings (tenant, landlord, residential, bank account)
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(I posted this question on the New Jersey board, but got only one reply. Anyone familiar with NJ rental practices on this board?)
Under New Jersey residential renting law, a landlord must deposit a tenant's security money in a separate bank account, bearing interest at the current rate, and may not combine security money with his/her own funds. The earnings must be paid to the tenant at the end of each year, or at the end of the lease.
If a landlord hasn't established a separate account, the exact earnings on that money are unknown. How should the earnings on the security money be calculated after the fact?
Call your bank, ask to speak to a personal banking representative (that's what we call them in CA, not sure if that's what you call them in NJ) and ask them to calculate it for you. Just tell them, if I had deposited X, how much interest would I have earned this past year? They should be happy to do so.
If you don't get anymore or the correct answer, try the renting forum next.
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