Paying the Yearly Interest fee on Security Deposit.

[Andre House]

Are there other options to charge a Move in and Move out fee versus charging a security deposit and then paying the interest fee on the deposit.

[Andre House]

Thank you everyone for your feedback.  As I read more into paying interest on security deposits in the state of Illinois. They require 25 or more apartments, the landlord must pay interest on the security deposit. 

The landlord is required to pay interest if they have held the security deposit for 6 or more months. If the tenant stays in the apartment 12 or more months after they signed their first lease, the landlord can choose between paying the interest on the security deposit or reducing the rent for one month by the amount of interest owed. After the tenant moves out, the landlord must pay them all the interest owed within 30 days.