# Interest due on security deposit **URL:** \ **Category:** Factual Questions\ **Created:** [July 21, 2008, 5:26pm UTC](https://boards.straightdope.com/t/interest-due-on-security-deposit/457275 "2008-07-21T17:26:19Z")\ **Posts on this page:** 13\ **Page:** 1
**Author:** ![Antigen](https://avatars.discourse-cdn.com/v4/letter/a/848f3c/32.png) [@Antigen](https://boards.straightdope.com/u/Antigen)\ **Post date:** [July 21, 2008, 5:26pm UTC](https://boards.straightdope.com/t/interest-due-on-security-deposit/457275/1 "2008-07-21T17:26:19Z")
I moved out of my apartment in March, and I’m having a difficult time getting the management company in charge of the complex to send me back my security deposit. My lease says: [QUOTE=my lease] Within 45 days after the end of the tenancy Owner will return the security deposit to Resident, with simple interest which has accrued at the rate prescribed by law on any security deposit over $50.00, less damages rightfully withheld, by first class mail addressed to the resident’s last known address. [/QUOTE] They’re very far from their 45-day mark. The local rental office claims it’s not their fault, they processed the paperwork and sent it off to the main office in California, who is supposed to send out the checks. Well, I’ve been calling for a month and a half now, and they’ve told me to be patient, wait another week, the main company had database problems, the checks were being sent out on such-and-such a date… Covering for the main company, and pissing me off. What I want to know is, how do I find out the rate of interest on a security deposit? They’ve held my deposit two months longer than they said they would, per my rental agreement, and if I’m due extra interest, even if it’s 24 cents, I want it. I’m in Maryland, the apartment complex was in Anne Arundel county, if that makes a difference. ---
**Author:** ![Antigen](https://avatars.discourse-cdn.com/v4/letter/a/848f3c/32.png) [@Antigen](https://boards.straightdope.com/u/Antigen)\ **Post date:** [July 21, 2008, 5:36pm UTC](https://boards.straightdope.com/t/interest-due-on-security-deposit/457275/2 "2008-07-21T17:36:40Z")
Missed the edit window, dammit. I also need to know what to do if they keep giving me the runaround. What’s the penalty for them not getting my deposit back in 45 days? The lease goes on to say: > [@](#): > > If owner fails to comply with Maryland’s security deposit law, Owner may be liable to Resident for a penalty of up to 3 times the security deposit withheld plus reasonable attorney’s fees. Do I need to get a lawyer? Can I do small claims court? The damn deposit is over $1000.00 and I kinda need that money. ---
**Author:** ![Gfactor](https://avatars.discourse-cdn.com/v4/letter/g/9de053/32.png) [@Gfactor](https://boards.straightdope.com/u/Gfactor)\ **Post date:** [July 21, 2008, 5:42pm UTC](https://boards.straightdope.com/t/interest-due-on-security-deposit/457275/3 "2008-07-21T17:42:35Z")
> [@](#): > > (e) Return of deposit to tenant; interest.- > > (1) Within 45 days after the end of the tenancy, the landlord shall return the security deposit to the tenant together with simple interest which has accrued in the amount of **3 percent per annum** , less any damages rightfully withheld. > > (2) Interest shall accrue at six-month intervals from the day the tenant gives the landlord the security deposit. Interest is not compounded. > > (3) Interest shall be payable only on security deposits of $50 or more. > > (4) If the landlord, without a reasonable basis, fails to return any part of the security deposit, plus accrued interest, within 45 days after the termination of the tenancy, the tenant has an action of up to threefold of the withheld amount, plus reasonable attorney’s fees. [http://www.michie.com/maryland/lpext.dll/mdcode/1bd39/1bfb3/1c024/1c02f?f=templates&fn=document-frame.htm&2.0#JD\_rp8-203](http://www.michie.com/maryland/lpext.dll/mdcode/1bd39/1bfb3/1c024/1c02f?f=templates&fn=document-frame.htm&2.0#JD_rp8-203) ---
**Author:** ![Duckster](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/duckster/32/1244_2.png) [@Duckster](https://boards.straightdope.com/u/Duckster)\ **Post date:** [July 21, 2008, 5:46pm UTC](https://boards.straightdope.com/t/interest-due-on-security-deposit/457275/4 "2008-07-21T17:46:16Z")
Never just call them. When you call, follow up with a letter (a real letter; not email!) referencing the details of the phone conversation (date, time, who you spoke with, etc.). Better still, send the letter return receipt requested so you can document it was received. After doing this every week for at least a month, mention you are taking this to court if you do not receive the check by a specific date. Don’t forget to send your follow up letter. When the date arrives and still no check, go to small claims court (providing you meet the criteria). You don’t need a lawyer for small claims court. When you win, you want the sheriff to serve notice on them. On preview, I see Gfactor has answered. You can always picket them, standing outside their rental office on a public sidewalk. It helps if you notified the TV media in advance. ---
**Author:** ![Eva\_Luna](https://avatars.discourse-cdn.com/v4/letter/e/e495f1/32.png) [@Eva\_Luna](https://boards.straightdope.com/u/Eva_Luna)\ **Post date:** [July 21, 2008, 5:46pm UTC](https://boards.straightdope.com/t/interest-due-on-security-deposit/457275/5 "2008-07-21T17:46:34Z")
Have you checked whether there’s a tenants’ union in your area? I’ve found the one here to be very helpful. Also, you might be amazed how fast you get your money back if you send them a letter that states what the penalties are for failure to return a security deposit as required by law. Three months’ rent is a big chunk of money. ---
**Author:** ![Gfactor](https://avatars.discourse-cdn.com/v4/letter/g/9de053/32.png) [@Gfactor](https://boards.straightdope.com/u/Gfactor)\ **Post date:** [July 21, 2008, 5:46pm UTC](https://boards.straightdope.com/t/interest-due-on-security-deposit/457275/6 "2008-07-21T17:46:36Z")
This is the sort of thing that you can usually handle yourself in small claims court. Here are some basic instructions: [http://www.courts.state.md.us/district/forms/civil/dccv82tbr.html#security](http://www.courts.state.md.us/district/forms/civil/dccv82tbr.html#security) ---
**Author:** ![Antigen](https://avatars.discourse-cdn.com/v4/letter/a/848f3c/32.png) [@Antigen](https://boards.straightdope.com/u/Antigen)\ **Post date:** [July 22, 2008, 5:38pm UTC](https://boards.straightdope.com/t/interest-due-on-security-deposit/457275/7 "2008-07-22T17:38:52Z")
Thanks for the input, everyone. I’ve written a letter to the big bad rental company, telling them that while I understand they may have had some technical difficulties with sending out the checks, I think that I’ve been very patient, waiting more than twice as long as the law says I should wait for my refund. I expect to have my money refunded to me within the next two weeks, and my next communication with them will be through a lawyer. I don’t want to be snarky, I don’t want to take 'em for all they’re worth and sue them for triple the deposit. I just want my money back, because it’s mine! **Duckster** , while picketing is tempting, because it would feel _really_ good, instead I’m going to all the “help me find an apartment” websites where this particular place advertises, and I’m adding my comments to the reviews, so people can be aware that they may have to fight for their money. ---
**Author:** ![Dag\_Otto](https://avatars.discourse-cdn.com/v4/letter/d/439d5e/32.png) [@Dag\_Otto](https://boards.straightdope.com/u/Dag_Otto)\ **Post date:** [July 22, 2008, 6:03pm UTC](https://boards.straightdope.com/t/interest-due-on-security-deposit/457275/8 "2008-07-22T18:03:42Z")
[QUOTE=Antigen] I don’t want to take 'em for \*\*all they’re worth \*\* and sue them for triple the deposit. [/QUOTE] They are only worth $3,000? I think I see the problem right there! Take them for triple damages. Why would you not? ---
**Author:** ![threemae](https://avatars.discourse-cdn.com/v4/letter/t/5f9b8f/32.png) [@threemae](https://boards.straightdope.com/u/threemae)\ **Post date:** [July 22, 2008, 6:16pm UTC](https://boards.straightdope.com/t/interest-due-on-security-deposit/457275/9 "2008-07-22T18:16:28Z")
The law specifies triple damages so that landlords don’t screw around with returning deposits. They’re screwing around with returning your deposit. Why not seek the legislatively defined penalties? For $2,000, it sounds worth it to me. How would they have responded to a rent check that was a month late? “Oh, you’re having ‘database issues’? Never mind then, pay us at your convenience.” ---
**Author:** ![Caffeine.addict](https://avatars.discourse-cdn.com/v4/letter/c/f475e1/32.png) [@Caffeine.addict](https://boards.straightdope.com/u/Caffeine.addict)\ **Post date:** [July 22, 2008, 6:17pm UTC](https://boards.straightdope.com/t/interest-due-on-security-deposit/457275/10 "2008-07-22T18:17:50Z")
Why not sue them in small claims? Do you think that they wouldn’t be trying to screw you if the tables were turned and you were a month late in paying rent? ---
**Author:** ![B\_A\_Bay](https://avatars.discourse-cdn.com/v4/letter/b/dec6dc/32.png) [@B\_A\_Bay](https://boards.straightdope.com/u/B_A_Bay)\ **Post date:** [July 22, 2008, 10:01pm UTC](https://boards.straightdope.com/t/interest-due-on-security-deposit/457275/11 "2008-07-22T22:01:49Z")
You have to be careful when you get aggressive with a landlord. It does say the security deposit LESS damages does it not? If so then you can bet your landlord will have found a lot of damage with your property. This is why you always do a final “goodbye” walk through with the landlord on the day you leave. If you didn’t do this, you’re pretty much at their mercy. The triple damages is just to prevent a lawsuit, sure the judge could give you that but probably won’t unless he feels the management company was willfully negligent and not just careless in their record keeping. ---
**Author:** ![Gfactor](https://avatars.discourse-cdn.com/v4/letter/g/9de053/32.png) [@Gfactor](https://boards.straightdope.com/u/Gfactor)\ **Post date:** [July 22, 2008, 10:24pm UTC](https://boards.straightdope.com/t/interest-due-on-security-deposit/457275/12 "2008-07-22T22:24:17Z")
[QUOTE=B\_A\_Bay] You have to be careful when you get aggressive with a landlord. It does say the security deposit LESS damages does it not? If so then you can bet your landlord will have found a lot of damage with your property. This is why you always do a final “goodbye” walk through with the landlord on the day you leave. If you didn’t do this, you’re pretty much at their mercy. [/QUOTE] Nope. See there’s a statute on point here. > [@](#): > > (g) Same - Notice to tenant.- > > (1) If any portion of the security deposit is withheld, the landlord shall present by first-class mail directed to the last known address of the tenant, within 45 days after the termination of the tenancy, a written list of the damages claimed under subsection (f)(1) of this section together with a statement of the cost actually incurred. > > (2) If the landlord fails to comply with this requirement, the landlord forfeits the right to withhold any part of the security deposit for damages. [http://www.michie.com/maryland\_print/lpExt.dll/mdcode/1bd39/1bfb3/1c024?f=templates&fn=document-frame-chapter.htm&2.0#JD\_rp8-203](http://www.michie.com/maryland_print/lpExt.dll/mdcode/1bd39/1bfb3/1c024?f=templates&fn=document-frame-chapter.htm&2.0#JD_rp8-203) This is not the first time you’ve posted guesses as legal advice in this forum. Please be a bit more careful in the future. **Gfactor** General Questions Moderator ---
**Author:** ![Joey\_P](https://avatars.discourse-cdn.com/v4/letter/j/919ad9/32.png) [@Joey\_P](https://boards.straightdope.com/u/Joey_P)\ **Post date:** [July 23, 2008, 12:18pm UTC](https://boards.straightdope.com/t/interest-due-on-security-deposit/457275/13 "2008-07-23T12:18:50Z")
[QUOTE=Antigen] **Duckster** , while picketing is tempting, because it would feel _really_ good, instead I’m going to all the “help me find an apartment” websites where this particular place advertises, and I’m adding my comments to the reviews, so people can be aware that they may have to fight for their money. [/QUOTE] If I were you, I would hold off on doing that until after you get your money.