Q: Do I have the right to take security deposit interest back?
The lease agreement says in Your security deposit will be deposited and held in an interest bearing account in a federally insured banking institution. But the landlord said Virginia law was changed in 2014, removing the requirement that interest accrue on security deposits held by landlords unless otherwise agreed in writing. Do I have the right to take security deposit interest back?
A: Since the law states :unless agreed to otherwise" and you reported that you agreed in the lease that the security deposit would be interest bearing, the landlord is bound by the terms of the lease and the law to accrue interest on your security deposit, however, you have no right to demand the interest until you vacate the property and return possession back to the landlord.
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