Security Deposit Interest

[jsatenant]

I just called the landlord (again) to find out why we don't get interest on our security deposit. The nasty woman told me that we have to get it directly from the bank - MNC Bank at 350 Park Avenue. However I can find no listing for such a bank. When I tried to question her she just hung up on me. She insisted that the landlord is not responsible for distributing interest, but it is up to the bank. Does anybody know anything about this?

Thanks.

[jsatenant]

Sorry - M&T Bank. They do exist. But I couldn't find anything out because it's in my husband's name and he needs to call. Maybe this is all moot because the bank will send us the interest...? I will find out as soon as the husband calls me back.

[Phil Cohen]

Don't contact the bank. Waste of time. The LL is supposed to put the deposit in an interest-bearing account. I have no idea what the remedy is in this type of situation. You can write a ceritifed letter reminding of that obligation.
Keep in mind that we are only talking about a few bucks a year. However, sometimes the laws provide remedies that are Draconian in dumb-landlord situations like this, so by all means research the subject further.