Hi, I know that OpenRent has recently moved from DPS to MyDeposits so I’m thinking of transferring the deposits for my current tenancies to MyDeposit. Does anyone know if it’s possible to transfer from a Custodial account to an Insured account? I can’t seem to find any information on that anywhere.
Thanks in advance.
Oh dear - is DPS unsafe now? I’d like an answer to your question too please! Could someone from OpenRent please respond?
Hi Jose, sorry for the delay in getting back to you on this. In my experience the deposit scheme customer advice lines are usually really helpful. They will be able to tell you how to do this, if you need to serve new prescribed information, etc.
This is the MyDeposits number:
0333 321 9401
Sam
they dont allow you to move from custodial to insured. the solution is that Openrent should offer landlord the insured deposit option. Its just a very poor service to force landlord on openrent to custodial deposit scheme.
I was stupid enough to move my tenants’ deposits from DPS to MyDeposits, just because OpenRent did so, and I regret it now. However, what have I missed? because I don’t know the significance/difference between custodial and insured deposits. Help, please! My tenants’ deposits are with MyDeposits on a custodial basis. What problems will this give me?
Exactly.
Openrent forces landlord to custodial deposit scheme.
Insured deposit scheme works much better for majority of landlords.
I am not sure but may be openrent make some money with custodial scheme.
I don’t see why the insured scheme would work better for most landlords?
Custodial is free, simple to use and to understand. And the money is always there to give back at the end of the tenancy because you can’t spend it.
Insured costs money and, from the posts I have seen on here, causes no end of queries regarding renewals, change of tenants etc. And you still have to give the money back at the end if the scheme says you do.
What am I missing? Why is insured so much better than custodial?
DPS for me .Free. Free Free
I had a bad experience with DPS custodial. It turns out that they churn dispute resolution report few days after deadline and believe in false documents provided by the tenant. Huge costs for repairs over10000 pounds lost. They have inexperienced staff to answer calls. I am switching to TDS insured. Yes pay a fee but atleast I can use it until tenancy ends.
we will all have different ideas of what is best . My tenants stay usually for years so Not a problem to give deposit back . Some tenants i know thru other reasons ,I do not ask for a deposit so nothing to protect.
I’d like to see what your properties look like, Colin.
I have houses in flats and commercial properties I part shifted to commercial places as easy to let out i will not be posting any pics tho as Secuity is key for me.
Insured is also simple to use and understand. In my experience it’s just so much easier to have insured. I used to use DPS custodial and you always relied on tenants to respond to the process to progress things further. If they didn’t you didn’t get the money back. It was easy for tenants to just say they didn’t agree to deductions and then you have to go through adjudication process and prepare all the evidences etc which takes a lot of time. Sometimes you don’t agree with the adjudicator’s decision but there’s not much you can do because it’s final. I’ve also had deposits where the tenant doesn’t bother responding at all and had to claim it in a different way which involved solicitors witnessing a document for me and that costs money. There were also instances when a tenant just didn’t claim their share of the deposit so years later the money still sits there unclaimed with DPS and there’s nothing I can do about it. With insured these issues are almost always easier to deal with and you have more control over the money. Also if you have an account with higher interest rate you could be earning interest on your deposits.
agree Joseph, less headache with insured
This topic was automatically closed 90 days after the last reply. New replies are no longer allowed.