How much is the intrest rate for security deposits?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
How much is the intrest rate for security deposits?
I payed a $300 security deposit. I was also paying for an apartment for 15 months. They sent a check for $301 and a letter detailing the $300 for the security deposit and $1 for interest. I am no mythical math wizard but this does not seem like it is the right amount for interest. Can I take them to small claims if they do not agree to pay the correct intrest rate?
Asked on September 29, 2016 under Real Estate Law, North Dakota
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
There is no "statutory" rate, or rate set by law. The interest rate is whatever the current rate on savings accounts is. Interest rates last year were around 1% or less. Even if it was 1%, then 1% of $300 for 1 year is $3.00, and for 15 months would be $3.75. Even if the landlord did "stiff" you, the most you could sue for the additional interest you should have received--that is, another $2.75 or so.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.