I recently moved after living in the same apartment for 3-1/2 years. On moving in, we provided $1900 for the last month's rent and when we moved out, the landlord gave us a check for $2.10 in interest (interest on security deposit to be determined but will likely be similar) that was supposedly accrued over the entire time we lived there (I know we were supposed to receive it annually but that's not really the issue we care about). Interest was not applied to any rent we paid while living in the apartment and in our last month, we paid the landlord the difference between what our rent was when we moved in and what it had gone up to by the time we moved out. I know the landlord is supposed to use a separate interest-bearing account and while it seems that some interest was accrued, just $2.10 seems too low. We really weren't expecting much but it just doesn't seem appropriate for the amount of money in the account for that time period and I'm wondering if the landlord did not use the proper type of account to hold the funds (first-time landlord). I requested and am awaiting copies of the annual statements. Am I right to be suspicious or is it possible the landlord just used an account with a ridiculously low interest rate?
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Interest Bearing Account
Tuesday, July 17, 2018 - 12:11 | Author: lphillips0602 | Comments (0)