Pathetic Check: Interest on Security Deposit

Since I rent rather than own the apartment in which I live, my landlord is required by law to keep the security deposit I paid several years ago in an interest-bearing savings account. Although it would have been better if the company kept the security deposits in a high-yield online savings account, the funds are deposited into Wachovia, which offers a paltry 0.75% interest rate.

I received my yearly check over the weekend for this interest, which amounted to $1.86. That’s the same amount they’ve sent for the past three years. It’s “nice” to see the increase of average savings account interest rates has not affected Wachovia.

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Flexo, the owner and creator of Consumerism Commentary, has been blogging and writing for the internet since 1995 and has been building online communities since 1991. Find out more about him and follow him on Twitter.

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Tom

I might be mistaken, but I believe that in the City of Chicago, the interest on the security deposit is defined by the Tenant ordinance. As of a couple of years ago, it was around 5%. It sucks that the landlord gets to "pick" where the money is kept...

sfmoneygal

In SF the interest on the deposit is 1%, more than a standard savings account at WAMU, which is like 0.26%. not that i'm letting my money accrue interest at that rate, my roommate does that.

AJ

I just got my pathetic $2 check as well, although, last year I remember including the interest (some $18, I think) as income on my taxes. What gives?

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