How long for holding deposit to clear

My tenant says they have paid a holding deposit but I haven’t been notified by text/email, when I go on the messages it just says deposit requested.

Should notifications be received almost instantly when deposits are paid? Or are notifications only sent during working hours?

Thanks for advice

Yes, deposit notifications are issued immediately when funds hit OR. By card it happens directly, by bank transfer it can possibly take one banking day. I have received notifications out of hours.

So likely your tenant are not honest. Ask to get to see a screenshot of the payment from their bank account.

Until you get that notification from OpenRent that deposit is paid, then assume it has not.

Thanks both, I asked them to double check it and it came through this morning. Now they are taking a while to supply information to the referencing company

I had this exact same problem. Then the tenants pulled out of it all, I think they were looking at multiple houses at once. . . I told them to cancel the application, and I was refunded the money I paid for referencing and the listing went live again without me being charged more. The tenant then messaged me because they hadn’t realised the holding deposit would be transferred to me in 30 days ie. I get to keep it, because they made me hold the house for then to the exclusion of others, and they cancelled the application. I am going to refund it to them when I get it as I got other tenants immediately so didn’t lose any money, but I think they had not read the policy prior to using open rent and therefore didn’t know that they forfeited their deposit by doing this. It could be that your tenants are just slow, or it could be that they are looking at other places at the same time. Quite frustrating stuff. If you cancel the application, they definitely get a refund, I don’t know whether you get your reference payment back in that instance though.

1 Like