Itemized List : If the landlord is to make deductions from the security deposit, the same must be itemized in a list to be delivered to the tenant within the same 45 days. KTDFC pays the highest interest rate of 8.00% p.a. But in answer to your question, I see no reason why the DPS will not permit an early return of the deposit to the tenants, why should they concern themselves. Your landlord only has to return your deposit once your tenancy has ended. If your landlord holds your deposit (so should be protected in the Insured scheme), the landlord should pay your deposit back within 10 days of your request for the deposit to be returned. If time has passed and you have not received the deposit or any confirmation from the landlord that it is due to you, go ahead and check to see if they are in breach of regulations. On 22 December 2015, the landlord, Y, authorised the return of the deposit to N with DPS. On 23 December 2015, a s.21 notice was served. If your landlord refuses to return your security deposit even after receiving the aforementioned letter, you may have no choice but to sue for your deposit back in small claims court. It would seem that I have 6 years to make a claim before the playing field changes. N did not actually receive the deposit money via DPS … Ask your landlord for the money. Thanks for the replies. After a tenant moves out, a landlord has 21 days to: Return the tenant's deposit in full, or; Mail or personally give to the tenant: A written letter explaining why he or she is keeping all or part of the deposit, An itemized list of each of the deductions, Any remaining refund of the tenant’s deposit… I have never been contacted by D.P.S. Rules surrounding returning a deposit. Tnt has the money, no deposit protection issues. Return of security deposit. The Interest rates are subject to change and are revised by the banks and financial institutions from time to time. A deposit of £300 was taken but not protected until November 2015, when it was protected with DPS. Agree that one should never return the deposit until the tenancy has finished. If you need help with a deposit for a new home before you move out look for a bond scheme in your local area. for the 3-year FD when it is opened by the general public. If you're 33 years old and begin compounding $100 a month at 1.5 percent interest annually, you'll have earned nearly $60,000 by the time you're 70. If your landlord or letting agent has decided to return the full deposit to you › We'll ask you to log in to confirm the repayment › You’ll need to provide bank details you want us to use to repay the deposit. 3-year Fixed Deposit key highlights. Time Frame: The landlord must return the security deposit or what’s left of it within 45 days after the termination of the lease and the return of the unit to the landlord. Would DPS return the deposit to the tenant if they asked for it, regardless of whether I refused, citing the 6-year court action limit? Your first step is to write to your landlord or agent and ask them to return your deposit. If you need help with a deposit. We take on thousands of new tenancy deposits each day, and have repaid over £1billion. A tenant cannot request the return of their deposit before the tenancy ends. However, once a deposit has been released from our system we can’t guarantee how long the banking system will clear money into your account - so we always say to allow a further two or three days. And then, it may well come down to interpretation. So dont expect early action and phoning is a waste of time. 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