how do i calculate the interest rate on a security deposit? I begain renting on December 1st 1995. I moved out of my townhouse on November 30, 2009.

Asked by Gl2010, Pittsburgh, PA Sat Feb 6, 2010

Where can I get the interest rates for each year.

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Beth Masland, Agent, Camp Hill, PA
Sun Feb 7, 2010
To the best of my knowledge your depost must be placed in an interest bearing account beginning with the second year. The interest should accrue to the benefit of the tenant, whose money it is. You should ask the landlord for an acccounting of the funds, and to know the name of the institution and account number which the funds were held. The interest rates will vary depending on what year, most landlords keep these funds in simple savings accounts designated as escrow accounts. The interest in the last few years has been negligible, but it still belongs to you whatever it amounts to. You should have had better rates in the earlier years, and of course it would be compounding. The landlord is still able to attach these funds (debit from the total) for any damages under the terms of the lease. We put the accounts in joint names (mine and theirs/escrow) so the interest accrues to the tenant and they are responsible for the taxes on it over the years. Good luck!
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Doug Caye, Agent, Allison Park, PA
Sun Feb 7, 2010
Hi,

You should have a statement each year from the owner showing the funds in deposit and the interest accrued. Most owners who only have a property or two dont do this too often? If nothing else they should have a seperate account for nothing but the funds they are holding. The only requirement I know of is that it be an "interest bearing account" as far as the rate to which it should be calculated, it would depend on the type of account your deposit was placed in. CD, Savings, interest checking etc... These are only my observations based on my years as a Realtor,leasing agent and I also rented for many years myself.
I would suggest legal counsel if you are having trouble with your former Landlord.
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