Posted by scott on January 02, 1997 at 23:52:02:
In Reply to: interest on security deposits posted by leQ on January 02, 1997 at 10:08:27:
: isnt there a law in nyc that requires the security deposits paid by the
: tenant to be held in escrow in a bank, and that upon return, interest
: is added to the amount? and if so, what is that percentage?
If you're rent stabilized, you can request (in writing) that your landlord
1) hold your rent in an interest-bearing account
2) provide you with the account number and interest percentage
3) hold interest in the account or deliver it to you annually.
The amount of interest can be as little as 3%, of which the landlord
is entitled to a "handling fee" of 1%, leaving just 2% for you.
If you need more info, e-mail me at email@example.com
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