Financial Information
Is a SECURITY DEPOSIT REQUIRED TO BE IN AN INTEREST BEARING ACCOUNT REGARDLESS OF THE AMOUNT!?!?
Question : Is a SECURITY DEPOSIT REQUIRED TO BE IN AN INTEREST BEARING ACCOUNT REGARDLESS OF THE AMOUNT!?!?
IM TRYING TO GET MY SECURITY BACK AND HE SAYS BECAUSE I DIDNT GIVE HIM A FULL MONTH RENT FOR SECURITY HE DOESNT HAVE TO PUT IT IN AN INTEREST ACCOUNT. MY LEASE SAYS I SHALL PAY 350.00 IN SECURITY. I THINK HES TRYING TO RUN A FAST ONE BY ME.
im also in the state of florida
and have been in the house for 3 years
interest bearing account
Best answer:
Answer by mary h
yes it is. tell him you have contacted the local housing authority and they confirmed it. the interest isn’t very much- but contact the housing authority and they will tell you the amount, last i knew it was only 1% but it probley went up.
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#2 written by kimmamarie 1 year ago
Before you go listening to some of the above answers, let me tell you that it depends on what state you are in. In Michigan, the landlord does NOT have to put it into an interest bearing account, nor does the tenant have any right to interest. Better check with your state law to see if its an interest bearing state.
But, if your state has the rule that ALL deposits must be put in interest bearing accounts, the amount you paid as a deposit doesnt matter. Its the amount of the full deposit you put down. And after 1 yr, the landlord has to pay you, by check, the interest every year. He cannot withhold it.
Hope this helps. -
#3 written by Serendipity III 1 year ago
in CA reagrdless of the amount he has to pay you interest for the deposit for every year you were ther. Look up the amounts because it changes each year. Look it up on the internet for your state.
Also he can’t keep your deposit just because. He has 30 days to give you a written itemization showing for what he is keeping it. BEware, he can’t keep it because the carpet is dirty. normal wear and tear is expected, and if you sue, the judge will take your side unless you burned the carpet or something. as long as you don’t owe any rent and your apartment has no damge, then he should give you somne back. Check with the city housing department aid. -
#4 written by Classy Granny 1 year ago
Your deposit is suppose to be in an interest bearing account. Keep in mind that landlords will deduct for anything they feel you did damage to. Also keep in mind normal wear and tare. If you’ve been there a while and the carpet becomes a little worn he can not deduct. Cigarette burns are another story. He can make you replace the carpet.
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If your lease didn’t stipulate your deposit going into an interest-bearing account, then he doesn’t have to do it, regardless of the amount.