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Updated over 7 years ago,
Security deposit interest on recently purchased triplex
Hello all, first thread on BP!
Quick question for you in regards to security deposit interest on a triplex my wife and I recently purchased. I did some searching and could not find an answer that fit my situation.
Quick Overview:
-Purchased a triplex two months ago in PA.
-The tenant of 5 years puts in her 60 days notice a week after we purchase the triplex. How about that luck!
During the closing of the triplex, the tenants security deposit was credited to us, with no interest ($650). I did not catch it until after the fact. The lease details where the security deposit was previously held at, however, the bank does not exist there anymore. This specific bank appears to be no longer be in PA.
I'm having trouble determining how to correctly calculate how much interest I owe the tenant. I understand that savings account interest is extremely low, however I want to ensure I follow the law. Any advice would be greatly appreciated.
Thanks
Kevin