Interest on Deposit?
09-23-2012 07:13 AM
I have 1 remaining collection from an apartment lease from back in 2009 that was placed at Hunter Warfield due to me not given notice even though my lease agreement was up. From research I know they want pfd and are almost impossible to remove so I began thinking of ways to go after the OC. I visited the apartment complex about 5 months ago who basically told me there was nothing they could do. I have been studying my lease agreement and came across the section that refers to security deposits.
The lease states "Any security deposit or advance rent you paid is being held in one of the following three ways as indicated below" 2. In a separate INTEREST bearing account for your benefit in the following bank: Bank of America whose address is Charlotte, NC. It also states If an interest bearing account, you will be entitled to receive and collect interest in an amount of at least 75 percent of the annualized average interest rate payable on such account or interest at the rate of 5 percent per year, simple interest, whichever the landlord elects.
Because I had additional charges for carpet damage and 2 months rent due to insufficient notice, they kept my deposit and applied it towards this balance. I lived at this apartment for 2 years and the deposit they applied did not include interest. My question is am I due interest on my deposit? And would this help me in my fight towards Hunter Warfield as the balance sent to them would be incorrect. Please if someone could give me some advice or do I just need to settle with Hunter Warfield and wait for it to fall off. Thanks
EX Fico: 687 4/10/2014
Discover Fico: 694 5/4/2014
Walmart Fico: 662 4/5/2014