Monday, November 3, 2014

Capital One bank is legit

Stellar Management  confirmed that it Stellar has put our security deposits in the Capital One bank.  That is the bank that has sent us typed letters asking for our Social Security Numbers.

The law requires the bank that is holding our security deposits to link them to our social security numbers.   The security deposit is equal to one month's rent, as you know from your lease renewals.  

Typically, the bank holding our security deposits is required to pay each of us the appropriate interest earned, less administrative fees.  (That has not been the case where the amount that would be sent to the tenant is under $10 since NYS law doesn't want to burden banks with such piffling amounts.)  Most tenants in this building have not received any interest payments (usually in the single-dollar amounts) since Stellar bought the building in November 2004. 

Since the bank request is genuine, please fill out the form (click here for a new one) and either mail it in to the address below OR WALK IT OVER TO CAPITAL ONE on 97th and Columbus and have them enter the data.  

Capital One
Attn: DMS Information Reporting
PO Box 85177
Richmond VaA 23286-9108.