Security deposit plus interest

MaxandErma

New Member
Jurisdiction
Ohio
I had a preliminary walk thru with my landlord last night . While talking to him I mentioned the interest accrued on my deposit. I've lived here for ten years. He had no idea what I was talking about and even said he didn't put the deposit in it's own account. I'm him only property and I think maybe his second tenant here. I told him I believed it was Ohio law to pay the interest to tenant. He stated that he would not do that. Am I wrong that this is the law for Ohio? My last landlord handed me a check after three years for the interest.
 
I had a preliminary walk thru with my landlord last night . While talking to him I mentioned the interest accrued on my deposit. I've lived here for ten years. He had no idea what I was talking about and even said he didn't put the deposit in it's own account. I'm him only property and I think maybe his second tenant here. I told him I believed it was Ohio law to pay the interest to tenant. He stated that he would not do that. Am I wrong that this is the law for Ohio? My last landlord handed me a check after three years for the interest.
You are not wrong. LL will have to calculate the interest and include it with your returned deposit.

Section 5321.16 - Ohio Revised Code | Ohio Laws
 
If he doesn't, you have the option to sue him in small claims court though I'm not sure it would be worth it since interest rates have been next to nothing for a long time.
 
If he doesn't, you have the option to sue him in small claims court though I'm not sure it would be worth it since interest rates have been next to nothing for a long time.

Per statute posted (#2):

"(A) Any security deposit in excess of fifty dollars or one month's periodic rent, whichever is greater, shall bear interest on the excess at the rate of five per cent per annum if the tenant remains in possession of the premises for six months or more, and shall be computed and paid annually by the landlord to the tenant."
 
Hmmm, 5%. Not bad. :)

True, but when you convert that to dollars, you're talking about $100 on a $2k deposit. The OP didn't say how much the deposit is, but it may not be worth the time and effort unless the deposit is more than any deposit I've ever heard of.
 
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