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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]With security deposits, are you supposed to earn interest?[/quote]

Va. law makes reference to an obligation to repay with interest though I'm not quite sure how to calculate what "an annual rate equal to four percentage points below the Federal Reserve Board discount rate" would be...

The landlord shall:

1. Accrue interest at an annual rate equal to four percentage points below the Federal Reserve Board discount rate as of January 1 of each year on all property or money held as a security deposit. However, no interest shall be due and payable unless the security deposit has been held by the landlord for a period exceeding 13 months beginning from the commencement date of the rental agreement

http://leg1.state.va.us/cgi-bin/legp504.exe?000+cod+55-248.15C1

[/quote]

Can someone translate this?

We have rented in VA 3 separate times, and have never been given interest back on our security deposit.

My understanding is that the landlord is supposed to put the deposit in an interest bearing escrow type account, which can earn interest for THEM, not the renter.

Lawyer people?[/quote]

short answer is they don't owe you interest (but they might if you start seeing passbook savings rates approach 5%)[/quote]

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