Comments on: NJ Landlords: Remember the Security Deposit Interest Deadline! http://landlordbusinessinsider.com/2008/01/nj-landlords-remember-the-security-deposit-interest-deadline.html "The way SMART Landlords DO IT!"™ Wed, 24 Mar 2010 17:21:00 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: SAB http://landlordbusinessinsider.com/2008/01/nj-landlords-remember-the-security-deposit-interest-deadline.html/comment-page-1#comment-32 SAB Wed, 11 Nov 2009 21:08:40 +0000 http://howtobuyrentalproperty.blogspot.com/?p=29#comment-32 Thanks for your question, I had a local attorney provide an answer for you in a more recent post, which you can follow here:<br /><br />http://www.landlordbusinessinsider.com/2009/11/separating-tenant-security-deposits.html Thanks for your question, I had a local attorney provide an answer for you in a more recent post, which you can follow here:

http://www.landlordbusinessinsider.com/2009/11/separating-tenant-security-deposits.html

]]> By: Anonymous http://landlordbusinessinsider.com/2008/01/nj-landlords-remember-the-security-deposit-interest-deadline.html/comment-page-1#comment-31 Anonymous Sat, 07 Nov 2009 05:00:29 +0000 http://howtobuyrentalproperty.blogspot.com/?p=29#comment-31 Hi,<br />I have a hypothetical, well something that I am currently dealing with. I deposited a security to my own account instead of an escrow account. I know under such conditions the tenant could ask that their security be considered as rent. However, they have to let me know in writing AND give me 30 days to either give them their interest or notify them of where their security is or both. Could I within these 30 days, immediately open an escrow account, and therefore invalidating their request of putting their security towards their rent? Hi,
I have a hypothetical, well something that I am currently dealing with. I deposited a security to my own account instead of an escrow account. I know under such conditions the tenant could ask that their security be considered as rent. However, they have to let me know in writing AND give me 30 days to either give them their interest or notify them of where their security is or both. Could I within these 30 days, immediately open an escrow account, and therefore invalidating their request of putting their security towards their rent?

]]> By: monkeecee http://landlordbusinessinsider.com/2008/01/nj-landlords-remember-the-security-deposit-interest-deadline.html/comment-page-1#comment-14 monkeecee Wed, 16 Apr 2008 09:02:00 +0000 http://howtobuyrentalproperty.blogspot.com/?p=29#comment-14 hi <br/>I'm new at this, not a landlord, just a comment and maybe someone can enlighten me... my 80 yr old aunt had just moved from an apt she lived in fro 2 1/2 years. She had to pay 1/2 months rent from the security due to the 30 day notice she gave the landlord. Now I noticed on her statements from the bank where her security was at that on 8/31/07 a $25 withdrawal was made. this amount took her security deposit down from $1,350 to $1, 331 (interest had been added) I questioned the landlord and she said I'm glad u brought that up...and said the bank made a mistake...she also said she was eating it...I told asked why..the bank should make good..and she said when she found out the bank said she waited to look...she also showed me a copy of the withdrawal slip with someone signing my aunts name on it..I said u go back to the bank and tell them this is fraud, forgery etc and they better make good and its not to late...well, she rambled a bit more saying she didn't want to push the issue thinking my aunt withdraw it..(the rental property is a good hour and a half from the bank) and other stupid answers...as though trying to avoid the subject....I know it's only $25 but I don't trust this woman she is shady....the apt was never painted in 2 1/2 years ..she kept the security on a previous tenant for the carpet that she said needed to be replaced and never was....the driveway was going to be repaired and never was...and I could go on ...well anyway ...just wanted some feed back I think...thank you hi
I’m new at this, not a landlord, just a comment and maybe someone can enlighten me… my 80 yr old aunt had just moved from an apt she lived in fro 2 1/2 years. She had to pay 1/2 months rent from the security due to the 30 day notice she gave the landlord. Now I noticed on her statements from the bank where her security was at that on 8/31/07 a $25 withdrawal was made. this amount took her security deposit down from $1,350 to $1, 331 (interest had been added) I questioned the landlord and she said I’m glad u brought that up…and said the bank made a mistake…she also said she was eating it…I told asked why..the bank should make good..and she said when she found out the bank said she waited to look…she also showed me a copy of the withdrawal slip with someone signing my aunts name on it..I said u go back to the bank and tell them this is fraud, forgery etc and they better make good and its not to late…well, she rambled a bit more saying she didn’t want to push the issue thinking my aunt withdraw it..(the rental property is a good hour and a half from the bank) and other stupid answers…as though trying to avoid the subject….I know it’s only $25 but I don’t trust this woman she is shady….the apt was never painted in 2 1/2 years ..she kept the security on a previous tenant for the carpet that she said needed to be replaced and never was….the driveway was going to be repaired and never was…and I could go on …well anyway …just wanted some feed back I think…thank you

]]> By: How To Buy Rental Property http://landlordbusinessinsider.com/2008/01/nj-landlords-remember-the-security-deposit-interest-deadline.html/comment-page-1#comment-13 How To Buy Rental Property Thu, 13 Mar 2008 00:48:00 +0000 http://howtobuyrentalproperty.blogspot.com/?p=29#comment-13 It seems to me that the NJ Security Deposit law is pretty clear on this issue. (The caveat to this is that I'm not an attorney and I don't know your specific situation-- so, I can't give advice.)<br/><br/>Your security deposit should be in an interest bearing account. Each year the landlord must notify you of the interest due to you and either pay it out or credit it against your current rent. As far as I understand, when the security deposit account is set up at the bank, it is under your social security number and you may be mailed at least a yearly statement or 1099 for the interest earned at the end of the year. Your landlord must also inform you of where the account is held and the specifics of the account... which I won't get into here due to the length of the post. You can look up that information using the links that I have provided in the article.<br/><br/>If the property management company won't help you and the landlord is unresponsive, you may have the right to notify them in writing and then if they still have not paid you your interest due within a specific time frame-- you may have the legal right to get your security deposit returned to you (again, the specifics are in the links that I have provided). Best of luck and hopefully your issue gets resolved quickly.<br/><br/>Unfortunately, most money markets are currently yielding pathetic rates... and I don't know how much your security deposit is, but on a $1000 security deposit in a typical money market account today, you might be getting $12 a year in interest. It seems to me that the NJ Security Deposit law is pretty clear on this issue. (The caveat to this is that I’m not an attorney and I don’t know your specific situation– so, I can’t give advice.)

Your security deposit should be in an interest bearing account. Each year the landlord must notify you of the interest due to you and either pay it out or credit it against your current rent. As far as I understand, when the security deposit account is set up at the bank, it is under your social security number and you may be mailed at least a yearly statement or 1099 for the interest earned at the end of the year. Your landlord must also inform you of where the account is held and the specifics of the account… which I won’t get into here due to the length of the post. You can look up that information using the links that I have provided in the article.

If the property management company won’t help you and the landlord is unresponsive, you may have the right to notify them in writing and then if they still have not paid you your interest due within a specific time frame– you may have the legal right to get your security deposit returned to you (again, the specifics are in the links that I have provided). Best of luck and hopefully your issue gets resolved quickly.

Unfortunately, most money markets are currently yielding pathetic rates… and I don’t know how much your security deposit is, but on a $1000 security deposit in a typical money market account today, you might be getting $12 a year in interest.

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