What is the deposit?
The deposit is a security precaution that members take when they organize an exchange with the HomeExchange Service.
All exchanges finalized on the site are with HomeExchange Service and automatically have the deposit set as 500€.
These are the steps for the deposit:
- Following the pre-approval of the exchange by the host, the guest finalizes the exchange and pays 10€/night for HomeExchange Service, unless they are Optimal members. Upon payment, he accepts to be debited the amount of the deposit up to 30 days after the exchange has ended if the host chooses to keep the deposit.
- At the end of the exchange, the host has 10 days to inform HomeExchange if they would like to keep all or a part of the deposit. HomeExchange then informs the guest of the situation. It is strongly recommended that the host and the guest discuss the situation before asking HomeExchange for an intervention. After 20 days, the deposit is automatically returned if the host does not inform us about the situation.
- If the host informs HomeExchange about wanting to keep all or a part of the deposit, the guest then has ten days to let HomeExchange know whether or not they are agreeable to transfer this amount to the host. If the host and the guest agrees on an amount, the amount is then debited and HomeExchange will transfer the agreed amount to the host by bank transfer and return the remaining back to the guest.
- If the host and the guest cannot reach an agreement within 30 days after the end of the exchange, the deposit is debited and then transferred to HomeExchange's account and HomeExchange will protect the deposit until an agreement, judicial or negotiated, is reached.
The functioning of the deposit
Upon finalization, the guest pays for HomeExchange Service and gives HomeExchange an authorization to debit 500€, in case of damages.
However, please rest assured that the 500€ is not debited upon finalization and will not be debited because at the end of your trip, the host will have the option to return or keep the deposit and if he/she chooses to return the deposit, we will cancel the authorization. However, the deposit can be debited with your permission to pay for damages or losses, if necessary.
What happens in case of disagreement?
If the host and the guest cannot reach an agreement within 30 days after the end of the exchange, the deposit is debited. The deposit is then transferred to HomeExchange's account and HomeExchange will protect the deposit until an agreement, judicial or negotiated, is reached.
Some examples of the uses of the deposit
I organize an exchange in France with Pierre. I finalize the exchange and I input my bank details, giving my authorization to debit 500€ in case of damages.
Example 1: my exchange went well and Pierre is also satisfied. HomeExchange releases the authorization to the deposit. My account was never debited 500€.
Example 2 : I accidentally broke the table. Pierre informs HomeExchange about this and justifies the damage. He then requests for 100€ for the reparation of the table. I accept this. HomeExchange debits 100€ from my account to transfer to Pierre and releases the authorization to the remaining 400€.
Example 3 : I accidentally broke the table. Pierre informs HomeExchange and justifies the damage. He then requests for 100€ for the reparation of the table.
I do not accept this amount. I have 30 days after the end of the exchange to reach an agreement with Pierre. If we do not reach an agreement, HomeExchange then debits 500€ from my account and transfers it to their account until an agreement is reached.
Example 4 : I broke a glass. I informed Pierre about this and asked if I could just purchase a new glass to replace the broken one. Pierre agrees to this. If Pierre is satisfied with it and chooses to release the deposit, HomeExchange releases the authorization to the 500€.
Example 5 : When organizing the exchange, Pierre asked me to leave the house clean and to wash his sheets and towels that I used during my exchange. However, I did not do this before departing. I discuss this with Pierre and he asks for €25. I agree to pay this amount. This amount is debited from my account and the remaining of the deposit is released.
Note: It is important for the guest and the host to be in direct contact in these cases.
With HomeExchange Service, you are also covered in case of big damages, for which HomeExchange will reimburse you.
Do note that if you are an Optimal member, you do not need to pay any extra fees.
In any case, please do not hesitate to contact us should you require any assistance, we will be happy to help.