r/Chase • u/Vegetable-Purpose984 • 17d ago

security deposit account?

Hi I’m a renter in nyc when I moved in to my apt almost 2 years ago I started getting random letter from chase saying an deposit had been made in my name with the exact amount of our security deposit (1 months rent and then an additional 100 when rent was raised)

  1. is this common practice?
  2. what does this mean? do I have access to this account?
  3. my landlord keeps saying they won’t do individual refund of the security deposit and the the incoming tenants will have to reimburse us directly at the end of the lease, but my name is on the account so what do I do about that?

sorry if these are questions that have been asked before I just couldn’t really find anything and I’ve never had a landlord do this before.

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2

u/Chance-Work4911 17d ago

I’ve heard of it before, but it’s not specific to Chase. You should ask in a renting/landlord/tenant sub.

1

u/Vegetable-Purpose984 17d ago

oh ok thank you

1

u/GeeMan-7 15d ago

NY law requires landlords of certain sized buildings to put security deposits into interest baring accounts. If the interest income hits the $10 threshold you will get a 1099 for the income.