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Do phone companies have to pay you interest on your deposit?

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DJ Doublecross

TRIBE Member
In many cases when you give a deposit for something, the recipient has to give you interest when they return it. Eg, when you pay first and last month's rent, your landlord has to pay you 6% annually on that deposit.

Is the same true for a phone company? I'm going to ask for my $200 deposit back from Bell tomorrow since it's been more than 6 months since I signed up and they haven't offered to give it back yet as they said they would.

At 6% annually that's only $6, but I want to ask them for it just out of principle since they're bastards who hold on to your money, making interest off it, until you ask for it back. I mean they're a phone company, not a bank!

So should I demand my $6? :D

Rob
 
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Sunshyne Jones

TRIBE Member
Originally posted by Dirty Girl
FUCK BELL
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WOO HOOO YEAH!!!!

I agree.

My take on the phone company that is Bell, they don't HAVE to do anything they don't wanna do and they do what they want. GRR.

FUCK BELL
 
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Sunshyne Jones

TRIBE Member
Originally posted by PRIMAL
They don't have to pay you interest. It's not your savings account.
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but when you pay first and last to a landlord the landlord pays interest on your last month's rent. at least my past landlords have. i can see where this question comes from for sure.
 
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DJ Doublecross

TRIBE Member
If they refuse to give me interest on my deposit, I'll take this all the way to the Supreme Court!

If I win, the $6 should cover my legal expenses, right?
 
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Boo

TRIBE Member
I'm pretty sure they do pay you interest seriously!

My gf got her deposit back and I'm fairly sure they gave her like 1.25% or something like that.
 
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Boo

TRIBE Member
Success!

They must pay interest!

I'm not sure what the rate is though

Security deposits
The local telephone company can request a security deposit based on no more than three months of telephone use, if an existing customer or a person applying for service:

-has no credit history with the telephone company and will not provide satisfactory credit information;
-has an unsatisfactory credit rating with the telephone company due to payment practices in the previous two years regarding the company's services; or
clearly presents an abnormal risk of loss.
-Telephone companies must review the continued need for a security deposit every six months and they must return the deposit, with interest , if the conditions that warranted it in the first place no longer apply or when the service is terminated.

Taken from the CRTC site

http://www.crtc.gc.ca/eng/INFO_SHT/t1008.htm
 
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soulmantra

TRIBE Member
i work for SaskamaPhone here in SK and i know that any customer with a deposit on their account will receive interest paid out on each and every monthly bill. it's not much but people definitely get it.
 
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AshG

Member
the rate for landlords is 6% simple interest annually, and thereafter compounded, and in the event of fractions of years, is pro-rated.

most people don't know about that, and some landlords don't either. had that occur with my current landlord recently.

too bad my new landlord is turning out to be a fuckhead even before i've signed the lease.
 
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juice

TRIBE Member
Originally posted by AshG
the rate for landlords is 6% simple interest annually, and thereafter compounded, and in the event of fractions of years, is pro-rated.

most people don't know about that, and some landlords don't either. had that occur with my current landlord recently.

too bad my new landlord is turning out to be a fuckhead even before i've signed the lease.
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Which one of them? :)
 
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