How does the deposit process work:
By subscribing to the HomeExchange membership, you automatically give HomeExchange authorization to debit $500 USD in case of damage during your exchanges as a guest. However, rest assured, the $500 USD is not automatically debited from your account when you finalize an exchange or after your exchange, even if your host chooses to keep the deposit. The deposit may be debited to cover damages or losses, but you will both be notified of this debit in advance.
These are the steps for the deposit process:
- Following the pre-approval of the exchange by the host, the guest finalizes the exchange and pays for the yearly membership, unless done so previously. Upon payment, members agree to be debited from the deposit up to 30 days after the exchange has ended, if the host chooses to keep the deposit. HomeExchange will notify you before any withdrawal is taken.
- 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 by clicking the "Keep the deposit" button in the bottom right of the exchange details. HomeExchange is then notified by the action and 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.
- If the host informs HomeExchange about wanting to keep all or part of the deposit, the guest then has 10 days to let HomeExchange know whether or not they are agreeable to transfer this amount to the host. If the host and guest agree on the amount, the amount is then debited and HomeExchange will transfer the agreed amount to the host by bank transfer.
- If the host and the guest cannot reach an agreement within 30 days after the end of the exchange, the deposit is debited and transferred to HomeExchange who will protect the deposit until an agreement, judicial or negotiated, is reached.
Some examples of the deposit cases:
I organize an exchange as a guest with Pierre from France and by finalizing the exchange, I give my authorization to debit $500 USD in case of damages.
Example 1: My exchange went well and Pierre is also satisfied. HomeExchange releases the authorization to the deposit for this exchange. My account was never debited $500 USD.
Example 2 : I accidentally broke the table. Pierre informs HomeExchange about this and justifies the damage. He then requests for $100 USD for the reparation of the table. I accept this. HomeExchange debits $100 USD from my account to transfer to Pierre and releases the authorization to the remaining $400 USD.
Example 3 : I accidentally broke the table. Pierre informs HomeExchange and justifies the damage. He then requests for $100 USD 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 USD from my account to protect 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 USD for this exchange.
Note: It is important for the guest and the host to be in direct contact in these cases.
After a request to withhold the deposit, HomeExchange may ask the host for additional supporting documents in addition to the main supporting documents, and depreciation may be applied when HomeExchange guarantees are involved.
With the HomeExchange membership, you are also covered in case of big damages, for which HomeExchange will reimburse you, as per our HomeExchange guarantees.
HomeExchange will never ask you to pay for any deposit outside the platform.
In any case, please do not hesitate to contact us should you require any assistance, we will be happy to help.