Security Deposit Collection & Refund Timeline
Security deposits are charged by Short Term Stays at the time of booking and automatically refunded to the guest 48 hours after check out. Once the deposit is refunded, it can take 5-10 business days for the refund to show up on the guest's credit card statement.
Holding Back a Deposit Due to Damages
The Hold Security Deposit Form stops the automatic refund of a Security Deposit. This should be used when trying to recover money for damages caused during a guests stay. To request that we hold back the security deposit, follow the steps listed below:
- Under Bookings, locate the guests booking summary.
- Click Action under the Select Security Deposit Details and select Hold Security Deposit.
- Fill out the Amount to be held back (this amount cannot exceed the total amount of the deposit collected) and a description as to why the funds are being held.
- Once this has been submitted, the deposit will not be refunded back to the guest. An invoice for the amount to be collected will be sent to them.
Please note, the hold can only be requested if the deposit was paid and before the deposit has been refunded to the guest (48hrs after check out). This gives you 2 days, to advise us to hold a deposit for any damages. For example, if a guest departs on Sunday at 12pm noon, you have until Tuesday at 12pm noon to advise us to hold a deposit.
Failure to Pay the Additional Charge Invoice
It is the responsibility of the Property Owner to contact the guest and ensure the Additional Charge Invoice is paid. In the case where the guest chooses not to pay the Additional Charge Invoice, STS will continue to hold the Security Deposit for 90 days.
The amount may be claimed by the Property Owner no sooner than 90 days after the check out date by submitting a request to dispute the Additional Charge Invoice. Upon submitting the request, it is at the discretion of STS to review and release the funds based on the documentation provided by the property owner.