Thinking of charging a REFUNDABLE deposit.. Thoughts appreciated!

[MommaD]

The only reason I was thinking of having a refundable deposit was because I am asking for post dated cheques for the first of every month anyways. Thanks for your input though, I think I will charge a two week non refundable deposit that can be applied to their last two weeks

[Lee-Bee]

Even with the postdated cheques I require a non-refundable deposit. It is there to protect you. If for what ever reason you decide to return a deposit you are allowed to...but the non-refundable deposit may still be needed to protect you at some point.

One thing to consider, unlike collecting rent which is monthly, collecting fees biweekly does mean a greater income on an annual basis. I would strongly suggest switching to biweekly fees. Otherwise, ensure that your monthly fee is representative of the number of days to be worked that month and not just a set fee. I believe you lose the equivalent of 2 full weeks pay by charging a set monthly fee. Long term...it adds up!!

[Van]

I ask for a refundable deposit that goes towards their last month fee and they pay me post-dated cheques so I am not running after them for my fees on the 1st of each month