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.
Updated February 6, 2012 and originally published January 2, 2007. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @ConsumerismComm on Twitter and visit our Facebook page for more updates.