i believe landlords are supposed to put your security in a savings bank. if i have lived in this apt 22 years and the deposit back then was $300 about how much would that account now be..
in california
2007-05-31 02:51:07 · 9 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
i didn't think i'd get the interest i was just curious as to how much interest would have accumulated in 22 years so that if i move the landlord can't say its more damage than 300 bucks
2007-05-31 08:53:38 · update #1
Doesn't matter what the value of the account would be; you're only owed back your deposit, the original $300.
Re: Addition. Still don't matter. $300 is the amount of the security deposit, the interest is irrelevant to what might happen if you did more than $300 damage to the apartment. The law requires that security deposits be kept in an account for _your_ protection, so the landlord can't claim not to have the money on-hand if you move out and are owed your deposit back. Any interest accrued goes to the landlord to offset the burden of having to set the money aside, and doesn't figure into any aspect of your rental.
2007-05-31 02:58:59 · answer #1 · answered by stmichaeldet 5 · 0⤊ 0⤋
In VA, I think we're allowed to get interest---not sure about inflation.
I'm almost positive the Landlord-Tenant Act for our state says that if you stay somewhere for more than a year, the landlord has to pay the interest in the security deposit to you when you leave---but it's been a while since I looked at that statute. Check CA's laws!
2007-05-31 03:09:31 · answer #2 · answered by paradoxyducks 2 · 0⤊ 0⤋
You need to check the local landlord tenant laws covering your municipality. There are a few cities in California which have enacted statutes requiring interest on security deposits. If you live in such an area, you are entitled to a stated amount of interest, per statute. If you do not live in one of these areas, you are entitled to only $300.
2007-05-31 03:04:20 · answer #3 · answered by acermill 7 · 1⤊ 0⤋
If they were to put the money into a bank, the landlord would be entitled to the interest. You pay 300, you'll get the 300 back. Plain and simple.
2007-05-31 03:01:53 · answer #4 · answered by Abigale_25 2 · 0⤊ 1⤋
California has a ton of different laws, but I never heard of that. You should probably only get back $300. Why would they put it in a savings bank? How would that benefit them? Would they be able to keep some of the earned interest?
2007-05-31 02:55:59 · answer #5 · answered by New Moon Daughter 6 · 0⤊ 0⤋
There could have been some written settlement once you moved in. usually you pays the 1st and final months lease and additionally provide a protection deposit. the protection deposit is regularly equivalent to a minimum of one months lease. the protection deposit could be used purely for the protection of the room/place of abode. in case you vcause harm to the room/place of abode that is taken from this accretion. prevalent positioned on and tear, the want for conventional portray and/or carpet substitute isn't seen harm and is not any longer part of this accretion. you're able to agree on the priority of each thing on the day you progression in, then you learn the day you leave to the flow-in record to work out what if something has been broken. the consequence is then taken from the deposit. desire this helped some.pp
2016-12-30 08:44:54 · answer #6 · answered by Anonymous · 0⤊ 0⤋
If your security deposit is $300 then when you move out you would get back 300. Regardless of how much time you live there.What interest they made on the money is theirs not yours...almost 100% sure.
2007-05-31 03:01:34 · answer #7 · answered by Me 2 · 0⤊ 1⤋
security deposits are OFTEN 'rip-off' monies that far too many unscruplous landlords unrighteously retain!!!
2007-05-31 03:01:05 · answer #8 · answered by LONG-JOHN 7 · 0⤊ 0⤋
I haven't heard that one; of course, anything is possible in "Caw-lee-fawn-ya". By the way, love your avatar.
2007-05-31 03:00:35 · answer #9 · answered by Terri J 7 · 0⤊ 0⤋