Huge security deposit return - question it or run?
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.
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.
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.
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. 
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.
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).
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.
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.
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.
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
I think last year it got $10 but there was some sort of account maintenance fee that ate up something like $8
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.
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
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.
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.
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.
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.
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.
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.
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.
05-25-07, 01:41 PM
#22
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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!
