True, the interest rate on a security deposit owed to the tenant in NY dependant on the bank. However, if their comes a dispute regarding the security deposit, tenants can add on a statutory 9% pre-judgment and post-judgment interest rate starting from the time the deposit is suppose to be returned, should they prevail in court.
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This happened to me once in a Bklyn NY property I owned. What I did was get the tenant lease, to have the move in date. I went to customer service in a neighborhood bank that I banked in. I asked them to configure the interest for me from that year till now on the based on the security deposit amount that should of been in the bank. It was great. They provided me with a print out too in case I had to go to court and the use the computer to calculate everything. It was done one, two three, for me. All I had to do was make a copy of the print out to give to the tenant with a check as proof of the money being returned to them with interest. Hope you get this in time. I was just scanning and reading today and stumbled across this.... more