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Hi. I recently moved out of a rental building in Jersey City. Within 30 days, the landlord did provide notice of several deductions to the security deposit, as well as issued the check prior to 30 days which was delivered. However, as part of the itemized deductions, there landlord did not list, nor did the check include, any interest that was earned on the deposit over the 2 years.
I have emailed twice about this to no response, asking for an itemized list that includes interest, and also asking when I should expect the true-up for the interest owed.
How do I determine how much interest I am owed over the 2 years. What course of action do I have now? How much can I go to small claims court for?
Perhaps... But if they lose then aren't they responsible for paying court fees so really that's their bad for not owning up to the interest.
Additionally, I have reason to believe that this is not an isolated occurrence as two other residents also have reported that interest was not paid. It also is not clear if deposits were placed in separate accounts. Per NJ law, if there are violations to the deposit laws, there may be a 7% interest fee associated with it?
I agree with all of these responses, the problem is that your damages won't be much. You are looking at a faction of a percent over two years. If he or she failed to return the deposit it might be worth fighting.
Hi. I recently moved out of a rental building in Jersey City. Within 30 days, the landlord did provide notice of several deductions to the security deposit, as well as issued the check prior to 30 days which was delivered. However, as part of the itemized deductions, there landlord did not list, nor did the check include, any interest that was earned on the deposit over the 2 years.
I have emailed twice about this to no response, asking for an itemized list that includes interest, and also asking when I should expect the true-up for the interest owed.
How do I determine how much interest I am owed over the 2 years. What course of action do I have now? How much can I go to small claims court for?
Only do this because you want to be a **** to the landlord after they screwed you over on deposit.
No other reason, the interest you will get back maybe $1
That's the only reason. Two years of nightmare landlord and building maintenance and management. They have agreed to send me an interest check now. But now I also question whether the money was actually in the bank account as dictated by law. As in, they might have just pocketed it for 2 years.
If they didn't put in an approved bank account, isn't it eligible for interest at 7%/year as a penalty?
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