Just noticed this: interest on security deposit

Rates on savings accounts have been zero anyway for the last several years.

The interest is the 0.1% that the bank pays on landlord escrow accounts minus a 1% administrative charge that the landlord is allowed by law to charge against the interest income for administrative purposes. So go for it, raise hell.

It never comes up because while you get the interest, you have no control at what interest rate the home chooses, so if it's a plain vanilla savings account it's basically bubkus compounded quarterly , which is still bubkus. This mattered two decades ago, when savings rates could be 10% or more.

yes indeed. 10% of $250 was big money.

right, stupid?

>10% of $250 was big money.

Yeah, and so you don't want to throw that out the window in the shower.

is that in english?

Did you forget what English looks like?

pathetic.

C0C0 cuckoo?

According to Miller Samuel the median rent in Manhattan in 1991 was roughly $1500 two months rent would be $3,000 far higher than the median rent of $125 per the Columbia County Example. Assuming a two year lease which is not atypical we'd be talking $600 assuming simple interest paid once a year. Most people would say that's worth asking for back, and if the rental was a two or three bedroom the amounts might be more substantial.....

>Most people would say that's worth asking for back, and if the rental was a two or three bedroom the amounts might be more substantial....

To a dishonest swindler, this is just pennies.

lets get the math straight here.

security was one month's rent....which according to riverdouchegagger was $1,500.

so, $150,

wow.

Not everyone has a really big luxury car like you C0C0.

what's your point?

do you have a point?

It's also worth noting that the interest on a security deposit is dependent on the building size you are renting in. As I understand it and to the best of my knowledge, if a building contains six or more units, then the Landlord is required to place the security in an interest bearing account. Less than six units? Not required to be placed in an interest bearing account. Co-op or Condo? Law is unclear. A landlord could claim they don't own the entire building, just the one apartment being rented and thus fall into the less than 6 units clause.

That's correct, but there's barely interest to be paid right now regardless.

FOr the past three years, I have gotten tiny checks from BofA for my deposit interest. And I used to get my rent credited for the same at another building. So this is hardly new, if you live in a larger building.

Did Ed McMahon show up with your tiny check?

Interest on your security deposit is also considered taxable income. However, rates are so low that the landlord keeps the interest.