Posted by Lily on June 24, 1998 at 16:13:15:
I live in a lovely 2 family brownstone, for which I gave a 2 month security deposit that amounts to a substantial amount. My lease states that the security deposit will be deposited in an interest bearing account, and that interest will be paid at the prevailing rate, minus a 1% administrative fee. I received a a check for 2.5% interest, a rate below that paid by any bank in the NYC area for a 12 month deposit. When I requested an official tax statement and the name and address of the bank where the deposit resides, the landlord (in his typical abusive fashion) became very angry, refused to discuss the issue, and emphatically stated that I was wrong. He had also told me that he had to mail me a check so that he would have his own tax record. Subsequently I read that I have the right to deduct interest from rent. Can I deduct the balance I believe I am owed at the rate of 5.3%, the average rate for Chase Manhattan Bank, where I transfer rent into his account, on the grounds that this is his bank and he has refused to inform me otherwise? I also have a suspicion now that he has deposited the deposit into his personal account, and wonder what the success potential is of going after him on this.
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