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Huge security deposit return - question it or run?

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Huge security deposit return - question it or run?

Old 05-24-07, 06:34 PM
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Huge security deposit return - question it or run?

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.
Old 05-24-07, 06:39 PM
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Just cash it. I guess they will get in touch with you if it was mistake.

Old 05-24-07, 06:39 PM
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You should be paid interest on a deposit? You're kidding.
Old 05-24-07, 06:43 PM
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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.
Old 05-24-07, 06:43 PM
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Originally Posted by kvrdave
You should be paid interest on a deposit? You're kidding.
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.
Old 05-24-07, 06:44 PM
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Originally Posted by kvrdave
You should be paid interest on a deposit? You're kidding.
I've never heard of that either. That said, cash the check.
Old 05-24-07, 06:46 PM
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Originally Posted by kvrdave
You should be paid interest on a deposit? You're kidding.
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.

Old 05-24-07, 06:48 PM
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YEAH!!!
Old 05-24-07, 06:54 PM
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my municpality has an ordinance that requires interest be paid on security deposits.
Old 05-24-07, 08:46 PM
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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).
Old 05-24-07, 08:48 PM
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Originally Posted by kvrdave
You should be paid interest on a deposit? You're kidding.
Certain states, like New York (only one that I've personally lived in) require that security deposits be placed in an interest-bearing account.
Old 05-24-07, 09:16 PM
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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.
Old 05-24-07, 09:33 PM
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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
Old 05-24-07, 09:34 PM
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Originally Posted by Altimus Prime
I get the interest back annually. Usually it's just taken off one month's rent. It's not much, but it's nice.
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.)
Originally Posted by mikehunt
I think last year I got $10 but there was some sort of account maintenance fee that ate up something like $8
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!

Last edited by The Edit King; 05-25-07 at 04:49 AM.
Old 05-25-07, 02:00 AM
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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.
Old 05-25-07, 04:34 AM
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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.
Old 05-25-07, 09:56 AM
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Originally Posted by kvrdave
You should be paid interest on a deposit? You're kidding.

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.
Old 05-25-07, 10:06 AM
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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.
Old 05-25-07, 10:13 AM
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Originally Posted by LurkerDan
my municpality has an ordinance that requires interest be paid on security deposits.
mine too
Old 05-25-07, 01:17 PM
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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.
Old 05-25-07, 01:30 PM
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Originally Posted by 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.
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.
Old 05-25-07, 01:41 PM
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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!

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