the interest rate on security deposit held in escrow

[wheatr1107]

What is the name of your state? NJ.I have been in my home for 5 yrs.When i moved in,I gave my L/L $700,for security deposit.Now,Im about to move,and asked my L/L what my interest is,and hes telling me its about $8.00.how could it only be $8.00 after 5 years?Can someone tell me what it actually should be.?thank you

 

[jNberkeley]

Interest On Deposit

I am currently having the same problem in California. To get this answer is simple. Generally, the interest rate on security deposits vary from one year to the next. Do not rely on the word of your landlord. Contact the Rent Stabilization Board for the city you live in. Once you get this information you will be know if you are being cheated or not which likely you are.
Good Luck.

 

[FarmerJ]

Go to your state govt web page , look up under landlord and tenant to learn what the statute list , take that number and either either use a simple interest calculator to figure out how much it should be or see your local bank and ask them if they can tell you what it should have come to using the interest amount listed from your state govt web page.

 

[HuAi]

NJ allows landlord to take an administrative fee of 1 or 2% annually from the interest gained in the escrow account. (I forget the exact allowed amount at the moment) But after many years of renting in NJ, and with today's low savings accounts rate, I can tell you that you shouldn't excpect to make much, if anything on your S.D. interest.