Do you still require a 2 week deposit when the start date is immediate?

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Originally Posted by torontokids

I'm confused as to why its even a question. You require a 2 week deposit to cover your butt. Why are you considering waiving it?

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I don't charge a deposit just a holding fee. So I ask for two wks pay to hold their spot till they start. But if their start date is two wks or under from signing of contract I don't take the fee. I never understood the difference between a holding fee and deposit. In my contact it says deposit but I guess it's more of a holding fee. Lol. Maybe I'll switch to doing both. But I just don't see a parent being ok with paying a holding fee for mths. So they give me money that's not used towards any of their care or isn't refundable and aren't using my services? It seems weird. But I guess if they really wanted me theyd pay.

I don't charge a holding fee but I see the difference as this:

holding fee- a fee kept by the provider to hold the spot. This is a payment and does not go towards care.
deposit- held in trust by the provider and is applied to the last 2 weeks of care if proper notice is given.

I think you have them mixed up

I don't hold my deposit to the last 2 weeks of care, I use it towards their first 2 weeks of care. I know I am the odd one out on that. I require 4 weeks notice when they leave. I have only had 1 family try and leave without paying in the 5 years I have ran my daycare. They did end up making payments and I got my full amount.

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Originally Posted by mickyc

I don't hold my deposit to the last 2 weeks of care, I use it towards their first 2 weeks of care. I know I am the odd one out on that. I require 4 weeks notice when they leave. I have only had 1 family try and leave without paying in the 5 years I have ran my daycare. They did end up making payments and I got my full amount.

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While it can happen multiple ways, I always try to set myself up for the least possible ways to get screwed over....this is why I apply it to the last payment.