Security deposit information
Learn everything about security deposits for your Splacebar storage booking - how much you'll pay, when it's charged, and when you'll get it back.
Your Deposit is Protected
Security deposits are fully refundable and returned within 14 working days after your storage period ends, minus any outstanding amounts. We hold deposits securely and never use them without authorization.
What is a security deposit?
A security deposit is a refundable amount charged at the start of your storage booking to protect both you and the space owner. Think of it as a safety net that ensures everyone follows through on their commitments.
What it covers
- • Unpaid monthly rent: If recurring payments fail
- • Space damage: Any damage beyond normal wear and tear
- • Cleaning fees: If space is left in poor condition
- • Lost keys/access cards: Replacement costs
- • Overdue items: Late retrieval of stored belongings
- • Contract violations: Storing prohibited items
Why it's required
- • Protects space owners: Ensures compensation for damages
- • Builds trust: Shows commitment to the booking
- • Industry standard: Common practice for storage rentals
- • Fair for everyone: Creates accountability on both sides
- • Quick resolution: Funds available for immediate repairs
How much is the security deposit?
The security deposit amount is standardized and transparent:
30 Days' Rent
Equivalent to one month of storage
If your monthly rent is $200/month, your security deposit will be $200
Example calculations
When is the security deposit charged?
The deposit is charged as part of your initial booking payment:
Initial payment breakdown
When you book storage
Your first charge includes two components: prorated rent for the remaining days of the current month, plus the full security deposit.
Payment is immediate
The deposit is charged to your credit card at the same time as your first rent payment when you confirm the booking.
Held securely
The deposit is held in your Splacebar account and cannot be used for monthly rent payments. It's reserved specifically for end-of-tenancy costs.
Example: Booking on March 15th
Monthly rent: $200
Booking date: March 15th
Days remaining in March: 17 days
Starting April 1st, you'll only be charged the monthly rent of $200/month. The $200 deposit remains held until you end your storage.
Getting your security deposit back
Your deposit is refunded after your storage period ends:
Refund timeline
- • Within 14 working days: After your storage contract ends
- • Automatic processing: No action required on your part
- • Same payment method: Refunded to the credit card you used
- • Bank processing time: May take additional 3-5 business days to appear
- • Email confirmation: You'll receive notification when refund is processed
Full refund conditions
You'll receive your entire deposit back if:
All rent paid: No outstanding monthly payments
No damage: Space returned in good condition
Clean space: No excessive cleaning required
On-time retrieval: Items picked up as scheduled
Partial refund scenarios
Your deposit may be partially withheld to cover:
- • Unpaid rent: Any outstanding monthly payments
- • Damage costs: Repairs needed due to improper use
- • Cleaning fees: Professional cleaning if left very dirty
- • Lost items: Replacement of keys, access cards, etc.
- • Late fees: Charges for retrieving items past the end date
Important: If deductions are made, you'll receive a detailed breakdown explaining each charge before the refund is processed.
Security deposit vs. monthly rent
Understanding the difference between your deposit and rent:
| Security Deposit | Monthly Rent | |
|---|---|---|
| When charged | Once at booking start | Monthly, on the 1st |
| Amount | 30 days' rent | Full monthly rate |
| Refundable | Yes, fully refundable | No, payment for service |
| Purpose | Covers damages/unpaid rent | Payment for space rental |
| When returned | 14 days after move-out | Not applicable |
Important note
Your security deposit cannot be used to pay for monthly rent. It's held separately and only used for end-of-tenancy costs. You must continue paying monthly rent even though you have a deposit on file.
Common questions about deposits
Can I use my deposit to pay the last month's rent?
No, the security deposit cannot be used to pay for any monthly rent, including your final month. You must continue paying monthly rent until your storage contract ends. The deposit is reserved for damages or unpaid amounts only.
What if I cancel before my storage starts?
If you cancel before your storage drop-off date, you'll receive a full refund of your security deposit according to our cancellation policy. The deposit is only held during active storage periods.
How do I know if deductions were made from my deposit?
Before processing your refund, you'll receive a detailed breakdown via email showing any deductions, reasons for each charge, and supporting documentation (like photos of damage). You'll have the opportunity to dispute charges you believe are unfair.
What if my card expires before I get my deposit back?
If the credit card you used for the deposit has expired or been replaced, refunds can usually still be processed to the same account. Your bank will typically route the refund to your new card. If there are issues, we'll contact you for updated payment information.
Can the deposit amount increase during my storage?
No, the security deposit amount is fixed at the time of booking and will not increase, even if monthly rent prices change. The deposit remains at 30 days' rent based on your original booking rate.
What happens if my monthly payment fails?
If you fail to make payment after 7 days, the storage contract is defaulted and it will be handled according to Splacebar's default policy, which is outlined in our Terms and Conditions.
Disputing deposit deductions
If you disagree with deductions from your security deposit:
Dispute process
- 1. Review the breakdown: Check the detailed charge list sent to your email
- 2. Gather evidence: Collect photos or documentation supporting your case
- 3. Contact support: Submit a dispute through the app or email within 7 days
- 4. Provide details: Explain why you believe charges are incorrect
- 5. Wait for review: We'll investigate within 3-5 business days
- 6. Receive decision: If dispute is approved, additional refund is processed
Tip: Take photos of the storage space when you move in and when you move out. This documentation can help resolve disputes quickly and fairly.
Questions about your security deposit?
If you have questions about deposit charges, refund timing, or deductions, our support team can help.
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