Security Deposit and Escrow - Landlord Forum thread

Security Deposit and Escrow by JN (PA) on November 4, 2009 @18:30

How do I figure out if I was paid the correct amount back for my Security Deposit with the escrow? in 9 years 107 months the Escrow on my Security deposit per the landlord was only $93.03. is there a certain % in the state of PA for Escrow accounts for security Deposits

I was in the rental for 21 years and the first 147 months I was under a different Landlord. per his notice when he sold the home to the current landlord my Escrow in the 147 months earned 333.05 in Escrow plus my Security Deposit.

It took this landlord over two months to even get this amount to me. I vacated with the notice in writing on Aug 31st . I just received my check back to day Nov 4.

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Re: Security Deposit and Escrow by Micah on November 4, 2009 @18:43	[ Reply ]
It depends on the bank. Most banks only pay .25% these days for savings interest. That is 1/10th what it was when I was a kid...

Re: Security Deposit and Escrow by Anonymous on November 4, 2009 @20:25	[ Reply ]
Interest rates went way down in recent years, so I wouldn't expect a killing in interest from your security deposit. You'll probably make it back by clipping coupons for a week.

Re: Security Deposit and Escrow by Anonymous on November 4, 2009 @23:53

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First, the LL didn't have to pay interest on your deposit for the 1st two years you lived there. Interest doesn't start to accrue until the 25th month. Next, you were to have been paid interest at the end of the third and each subsequent year. (paid yearly) Why haven't you asked for this money each year for all of these years? Lastly, the LL is allowed to deduct 1% for an administrative fee from this amount. Since interest rates are only 1/4 of 1%, and he is allowed to deduct 1%, you are losing money each year.

But you were to have your deposit back within 30 days per your state's law.

Re: Security Deposit and Escrow by OK-LL on November 5, 2009 @08:15	[ Reply ]
You want to review the LL/T law for PA to determine the required interest rate (it may be whatever the bank is paying or it may set a maximum or minimum percentage). You'll find a link to PA LL/T law to the right on this page.