What is the security deposit and how does it work? Updated December 03, 2021 17:10 The security deposit is an amount set by the owner for every rental. As a renter, it will be charged to your credit card three days before the start of the rental. In the event of any damages or additional fees submitted by the owner during their closeout, these charges will be deducted from your security deposit and the remaining balance will be refunded. For Canadian renters In Canada, the security deposit amount will be charged to your credit card three days before the start of the rental and will be held for the duration of the rental period. Once both you and the owner have completed your closeouts, the security deposit will be returned to you (minus any damage or closeout charges entered by the owner during their closeout). This is a standard credit card refund and generally takes 2-3 business days to appear on the credit card statement. In the event of a dispute or an insurance claim, the security deposit will be held by RVezy until the dispute or claim has been resolved. Please refer to section 7.4 of the Terms of service for more details. For American renters In the United States, the security deposit is not charged to your credit card but is only an authorized transaction, issued three days before the start of the rental. RVezy will place a hold on this amount for 7 days, and the hold will be cancelled after this period. At this time, the funds will be released and the transaction will be removed from your bank statement. The security deposit will only be collected in the event of a damage claim. If the owner submits any damage or additional charges during their closeout, the remaining balance of your security deposit will be refunded. If the 7-day period has passed and the hold on the funds was released, any closeout charges will be charged directly to the card on file. In the event of a dispute or an insurance claim, the security deposit amount will be captured by RVezy and held until the dispute or claim has been resolved. Please refer to section 7.4 of the Terms of service for more details.