interest on money put down as a deposit

[mingiz]

Does anyone know what the law is when a business takes a deposit and after everything is paid for. They still hold your moneyfor 60 days. Are you entitled to the interest on that money?
I put a 700$ deposit down before I had surgery. They did take 3 small bills out of it that my Ins. didn't pay. The total bill has been paid off, but the lil biatch at the drs office keeps giving me crap. That they have to hold it untill all bills are paid I told her You just told me it was all paid for so give me my damn money. I'm just about ready to go postal on some youngin azz

 

[Tilted]

Does anyone know what the law is when a business takes a deposit and after everything is paid for. They still hold your moneyfor 60 days. Are you entitled to the interest on that money?
I put a 700$ deposit down before I had surgery. They did take 3 small bills out of it that my Ins. didn't pay. The total bill has been paid off, but the lil biatch at the drs office keeps giving me crap. That they have to hold it untill all bills are paid I told her You just told me it was all paid for so give me my damn money. I'm just about ready to go postal on some youngin azz

I'm not sure that law does require that you are paid interest on generic deposits. I believe landlords are required to put rental security deposits in an interest bearing savings account, and give you those proceeds when you get the deposit back. Frankly, I'm not even sure about that because it has been a long time since I needed to know.

So, even if there is a law mandating interest in your case, I suspect it wouldn't mandate a specific rate, just whatever savings accounts are yielding currently. That would probably be almost nothing.


Edit: It looks like there is a rate of 3% specified, which a landlord has to pay a tenant when they return the security deposit.

 

[mingiz]

Thanks I wasn't sure either. But it still pizzes me off that the bill was paid in full and they won't give me the balance back. It shows on my bill I got yesterday that I have a - balance for 60 days now.Thier earning interest on my money sitting in thier bank. That irks me

 

[Tilted]

Thanks I wasn't sure either. But it still pizzes me off that the bill was paid in full and they won't give me the balance back. It shows on my bill I got yesterday that I have a - balance for 60 days now.Thier earning interest on my money sitting in thier bank. That irks me

I'm still not 100% sure that there is not a law, but I did a quick search of Maryland Code and didn't find anything.

If you really think they have no good reason to still be holding the remainder of the deposit, then you could file a civil action in District Court for the amount they still have. I don't remember the exact filing fee, but it's pretty small. I'm pretty sure they would go ahead and give you the money then, because it wouldn't be worth the hassle for them.

It's ashame to have to use the legal system for such things, but often when people or businesses refuse to act appropriately on their own, there is little else you can do to compel them to. That's what the system is there for.

 

[Peepaw95]

Thanks I wasn't sure either. But it still pizzes me off that the bill was paid in full and they won't give me the balance back. It shows on my bill I got yesterday that I have a - balance for 60 days now.Thier earning interest on my money sitting in thier bank. That irks me

700 X 3%= 21 / 12 = 1.75 X 2 = 3.50

 

[mingiz]

I know the interest isn't much. That's not the point. I want what's mine. I just got off the phone for the 2nd call to them . My check will be in the mail today.....Why because I had an appointment yesterday with the dr. and told him that I wan't happy with his billing dept., that he's making money off of mine, and it's been 60 days now that you have been holding it. So he told the receptionist to let the billing department know to send me my money there is no reason for them to hold it. When I called the first time I made the person in billing aware that I spoke with the Dr. and he said that I will get it soon. So today things are different. It sucks that you have to fight for what's your's to start with. Now if I owed them they would be sending it to collections by now.

 

[desertrat]

700 X 3%= 21 / 12 = 1.75 X 2 = 3.50

3% ??? Where?

 

[TotalEclipse31]

Where did they get 3% from?? Go find a bank that will give you 3% interest on your money. I dare you. Savings account are at .1 and .2. Even cd's are below 3% (inless you have a Sh** load of money for a long period). If you could get the doctors office to give you market rate of interest (prime), you will make a few pennies if your lucky. Not trying to get a jerk, but just common sense to me. I have no idea the legalities behind that stuff.

 

[David]

Did you sign something or did they just say we need a deposit of $X and you turned over the cash? If you signed a contract, you need to look into the details to see if you were treated right. If it was verbal, and you still feel like they did you wrong, do yourself and everyone else a favor and file a complaint with the attorney General:

Maryland Attorney General - File a Consumer Complaint

If someone is abusing their clients, or is just plain incompetent, they need to be put on notice that no one is going to stand for it. All too often they get away with it because no one takes the time to do anything about it.

P.S. Was this a dentist from Mechanicsville?

 

[mingiz]

Did you sign something or did they just say we need a deposit of $X and you turned over the cash? If you signed a contract, you need to look into the details to see if you were treated right. If it was verbal, and you still feel like they did you wrong, do yourself and everyone else a favor and file a complaint with the attorney General:

Maryland Attorney General - File a Consumer Complaint

If someone is abusing their clients, or is just plain incompetent, they need to be put on notice that no one is going to stand for it. All too often they get away with it because no one takes the time to do anything about it.

P.S. Was this a dentist from Mechanicsville?

No wasn't a dentist. thx