Ask Experts Questions for FREE Help !
Ask
    huggysmom's Avatar
    huggysmom Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jun 17, 2008, 10:03 AM
    Interest on an escrow account
    Hello. I have been a renter for 7 years. I gave my landlord an $825.00 security deposit. I have never received a statement from him as to where the money is and how much interest it is earning. How can I calculate approximately how much interest he owes me on my $825.00 for 7 years?
    I live in Pennsylvania.
    Thank you
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Jun 17, 2008, 10:28 AM
    According to PA Statute (http://members.aol.com/StatutesPA/68PA250.511a.html) the landord is required to pay interest on the escrow, but there is nothing requiring him to make an accounting of it. At least not until you move.

    I would assume a 3% annual cmompounding for the 7 years, making the account worht approximately $1015.
    Emland's Avatar
    Emland Posts: 2,468, Reputation: 496
    Ultra Member
    		  
    #3

    Jun 17, 2008, 10:34 AM
    You might want to read your lease to see if it states what happens to the interest on the account as well. I just got through reading/proofing our new commercial lease and it states that the landlord keeps the interest. I'm not saying yours says the same thing, but you need to know what your lease says.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Payment of interest on money held in escrow by landlord [ 2 Answers ]

I've heard that, as a landlord, I'm required to pay interest on security deposit money I've held in an escrow account for a tenant, and that I may retain a portion of the interest as an administrative fee. Is this all correct? If so, can I place all of my tenants' security deposits in one...

Home Mortgage & Reasl Estate - Interest on Escrow [ 2 Answers ]

While paying Home Mortgage and Real Estate taxes to Financial Institutions, we are getting interest from the institution (interest on Escrow). Can you tell me actual concepts or meaning of interest on escrow and taxability? Thanks, Syed Thameem

Escrow Account [ 1 Answers ]

I like to know if I'm full protected by the state of Florida if I use a Escrow account to guarantee that a Letter of Intentions will be fulfilled by the contractor and my Money deposit will be fast returned if a default in the LOI show up by the contractor.

Escrow interest va [ 11 Answers ]

What is the formula for escrow interest in VA

View more questions Search