the interest that accrued? How much interest should have accrued?
2007-09-04 03:46:11 · 8 answers · asked by Tireless 2 in Business & Finance ➔ Renting & Real Estate
It is in Illinois, and yes, it is required just not sure how much.
2007-09-04 04:04:30 · update #1
You wouldn't necessarily get the $1,000 security deposit back until you move out of the apartment. And as far as interest, that would depend on the interest rate. But for example, an interest rate of 5% would earn you about $50 on that $1,000 over the course of 1 year.
2007-09-04 04:11:23 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Whatever the interest is on the trust savings account. They have been running at 1.5-3% - so from $15-30. Also, I may be wrong, but I don't believe you automatically get it back at the end of the year. Normally, you would get that back when you move out, unless there is something funny in the laws in your area.
Most areas that require deposits to be maintained in interest bearing accounts simply accrue until you leave.
2007-09-04 11:40:45 · answer #2 · answered by rlloydevans 4 · 0⤊ 0⤋
If your city requires that the deposit be put into an account you need to ask your landlord the interest rate. He is usually allowed to keep 1-2% for managing the account.
If your city does not require this then don't be expecting any interest at all. Few landlords want to be bankers too.
2007-09-04 11:05:17 · answer #3 · answered by Anonymous · 0⤊ 0⤋
If there are no damages, you should get your $1000 back. In most areas, no interest accrues unless you are there over a year.
2007-09-04 11:45:51 · answer #4 · answered by Judy 7 · 0⤊ 0⤋
I've never heard of getting interest for a security deposit. Infact most landlords will take the money and run. Good Luck.
2007-09-04 10:54:13 · answer #5 · answered by Tasha 4 · 0⤊ 1⤋
I think you might be wrong about that. You don't get interest - if it's not specified in your lease, I wouldn't count on it happening. Be lucky if you get any money back at all. Landlords will claim they had to make a bunch of repairs just so they get to keep your money.
2007-09-04 13:13:37 · answer #6 · answered by Roland'sMommy 6 · 0⤊ 0⤋
each state is different, many states do not require a landlord to pay interest on a SD, what state is the rental located in
2007-09-04 10:59:44 · answer #7 · answered by goz1111 7 · 0⤊ 0⤋
I think Tasha speaks the truth. Any interest will certainly go into the landlords account and not yours.
2007-09-04 10:59:31 · answer #8 · answered by Tony A 6 · 0⤊ 1⤋