BigPete

I lived in the same apt for almost six years 7/01-4/07. Security deposit was 2 months rent.

I just got my refund check back for 3.3 months rent.

Now I realize that you should be paid interest on your SD, even though most complexes charge an administration fee which negates that.

But still, that's 69 months at 8.2% APY compounded monthly. That seems really high. No documentation was provided with the check, but it is a certified check, hand-signed by my former landlord.

Do I call to verify the amount or just cash the damn thing?

*note - I actually liked my landlords. I do not care about them, per se, but I also have no desire to screw them.

ernestrp

Just cash it. I guess they will get in touch with you if it was mistake.

kvrdave

You should be paid interest on a deposit? You're kidding.

The Edit King

Treesa just said that she's heard that some companies put the money in like a seperate security deposit account and they do pay interest.

BigPete

Every lease I've ever signed has stated that the security deposit is held in an interest bearing account in the tenant's name until such time as the lease is terminated. Could just be an east coast thing.

NORML54601

I've never heard of that either. That said, cash the check.

ernestrp

Youre damn right!!! but most LandLords screw you over by saying you caused damage, etc. when it was really normal wear and tear. Like they find a little mark on the wall and the next thing know you are paying for the whole thing to be re-painted when they usually re-paint them anyways for a new tenant.

The Edit King

YEAH!!!

LurkerDan

my municpality has an ordinance that requires interest be paid on security deposits.

ellone

Keep it. I told my bf the same thing when he got his security deposit back and it was bigger than he expected (at his complex they paid out the interest each year).

wildcatlh

Certain states, like New York (only one that I've personally lived in) require that security deposits be placed in an interest-bearing account.

Altimus Prime

I've been in the same place since 2001.

I get the interest back annually. Usually it's just taken off one month's rent. It's not much, but it's nice.

Just got new owners, so I'll have to see what they do.

mikehunt

I get interest, even get a 1099 every year from the bank. It's in some shitty ass savings account making less than a percent I think. and since I get a 1099 I have to put it on my 1040, not that it really makes a difference in my income.
I think last year it got $10 but there was some sort of account maintenance fee that ate up something like $8

The Edit King

Oh Man, AP! That MUST be sweet! I mean, every little bit helps!

Hey! It's more money for DVDS!

(Wish 'I' had a deal like that.)Wait a minute...You mean you ended up with $2 BUCKS???

Okay, Okay...Forget the DVD's. Maybe a couple tacos from Jack n' the Box!

(I still wish I had a LandMastard that did that for me. )

-THEEKSAKE!

fourwalker

Pete, are you sure that you did not pay a larger deposit than you remember? As someone who is in the business tenants are always coming up to me questioning how much they put down as security, it seems to be something people tend to forget easily.

mndtrp

I just checked my lease, and it doesn't state anything about gaining interest. I would cash it, but hold on to the money for a month or two. If it's all good at that point, spend away.

DVD Josh

KVR, check your local ordinances. Some are very detailed, but most require interest (and for you to deposit it in an interest bearing account). For example, in the City of Cleveland, you are entitled to 5% interest compounded monthly on every dollar over one month's rent paid as security.

BuddhaWake

I get interest on my deposit as well. Don't know if its mandated but probably so, but philly got a lot of slum lords so I'm sure the chances are greater that they don't. for my new apartment and the old one, the deposit goes right to the bank, I don't write the check in the landlords name even.

ChiTownAbs, Inc

mine too

MoviePage

Currently living in my 4th apartment and have never been paid any interest whatsoever on a security deposit refund. In fact, at the last apartment, my refund was $100 less than what I expected because "that's what we charge for shampooing the carpet." Nevermind that I don't remember hearing/reading about that anywhere in the lease agreement and was told before moving out, "Don't worry about cleaning the carpet, we have our own equipment and do that for every apartment." Whatever. I never pursued it because I didn't want to be bothered with it.

DVD Josh

Forgot to mention one thing about Cleveland that might apply here - the regulation also stated that the tenant had to specifically request the interest, or it did not have to be paid. Might be like that for you too.

devilshalo

Take it and run. I left my last apartment after 10 years. 5 Managers and a new complex owner, they sent me a check for my security deposit. Only thing is, I never put down a security deposit or first/last month's rent. Yay me!