How much is the intrest rate for security deposits?

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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 4 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. 


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