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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
Click to expand...

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.
Click to expand...

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.
Click to expand...
Which one of them? :)
 
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