How and when renter deposits are returned
Unlike traditional deposits held in the property's bank account, Whale deposits are held in the renter's bank account making it easy and fast to return the funds. Once Whale is instructed to process the move-out, the renter's deposit, less any move-out charges owed to the property, are instantly unlocked in their Whale account.
Once the funds are unlocked, the renter can continue to keep their money in Whale where it will continue to earn interest or withdraw funds to any account they choose.
When does Whale return the funds
Except for the cases outlined below, Whale will immediately return a renter's deposit as soon as the financial move-out (also known as deposit accounting) is completed or the move-out is manually submitted in Whale Admin.
There are two scenarios where Whale would wait to process the deposit return:
- Property has enabled Delay Deposit Return. When enabled, Whale will wait until the day before the state deadline to return the deposit. This allows time for any last minute adjustments to the renter's balance owed before triggering the deposit return.
- Florida properties when deductions claimed. Florida law requires a holding period of 15 days after the financial move-out is completed. If Whale is notified a renter has objected to your claim during the holding period, Whale will continue to delay the deposit return until the dispute is resolved.
For Florida properties specifically, you must let Whale know if the move-out charge has been disputed by emailing support@gowhale.com so we can delay the deposit return until the disagreement is resolved as required by state law.