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security deposit release time

Jacques L
Aug 1, 2017 4:46 PM
Joined Jun, 2014 50 posts

How long does it usually take for the security deposit release to clear? I've had a couple people who paid with debit cards follow up about the deposit. I have SecureNet for the process.

thanks,
-JJ

Chris Hynes
Aug 3, 2017 11:13 AM
OR Team Member Joined Oct, 2012 1349 posts

Did the security deposit release go through successfully as normal?

Usually it is the same day you release the security deposit, but the actual removal of the hold is up to the originating bank that issue the guest credit card. We've found that banks tend to be worse about releasing holds on debit cards, unfortunately.

Some times if the guest contacts their bank they'll be able to speed up the release process by noticing you've released on your end and dropping it off the account manually.

Jacques L
Aug 4, 2017 7:02 AM
Joined Jun, 2014 50 posts

In both cases I was asked, it was for a debit card, and about 24 hours after they got the 'release email' that they inquired as to why the funds were still on hold.

This is good information to have if it comes up again.

Thanks,
-JJ

K&T
Oct 6, 2018 3:44 AM
Joined Jun, 2018 4 posts

Can the security deposit hold be released automatically at a set time, or must that always be done manually?

Paul W
Oct 8, 2018 8:39 PM
OR Team Member Joined Jun, 2009 708 posts

Hi K&T,

Currently, it's a manual release, but we have long desired to add an automatic rule so that you can specify that "after [x] days" it just happens automatically. That's high on the list of things to add for security deposit holds.