2.05 Security Deposits
- Security Deposit - a refundable or consumable amount of money paid by guests in order to cover any damages or incidental charges made during his or her stay.
- Incidental Charges - these are the cost of services or items not included in the total amount paid by the guest for their whole stay.
- Authorization Hold - a credit card temporary hold on a specific amount. This amount cannot be used by the guests for the whole duration of his/her stay.
When a guest books with us, their credit card will be charged rent+ taxes and fees for their reservation.
In addition to this a $300 authorization hold is applied to our guest's credit card.
When is the security deposit (authorization hold) refunded?
The purpose of the security deposit is so if they damage the apartment we can keep part of the security deposit to cover our losses.
For example, if they break a coffee table we will charge them whatever it costs to repair or replace it.
For this reason we refund the security deposit AFTER the cleaning occurs.
If you look at the authorization hold in the financials tab you can see when it "expires."
The day that the hold expires is the day that the hold is automatically refunded.
Take a look at this video to see where to find this information.