When you’re enlisting the help of a moving company, it’s important to understand every aspect of your financial obligation to that company. You should know what an estimate entails, how the company charges, and a laundry list of other money-related issues surrounding the move. One particularly important thing to know when agreeing to work with a mover is whether or not that mover charges a deposit.
Not All Moving Companies Require Deposits
Will Every Mover Charge a Deposit?
No. Every moving company has different policies, so you’re sure to encounter some companies that charge and some that don’t. Charging or not charging a moving deposit does not, however, speak to the legitimacy of the company. A reputable moving company is equally likely to charge or not charge.
Are There Positives to a Company Charging a Deposit? What About Negatives?
On the positive front, moving companies that charge deposits are likely so busy that they require commitments from their clients. Being that busy often means the company is thriving and successful and can provide the resources for your successful move. Many large moving companies do have deposit systems in place.
On the other hand, not having to commit to a deposit can make financially planning for the move more straightforward. All you will be liable for is the cost of the move in one payment, which simplifies the process.
It also can protect the customer. If the move falls through for any reason, that customer doesn’t have to worry about recouping the deposit from the moving company. No money has exchanged hands, so the customer isn’t out anything if circumstances change or the move is canceled.
What Should I Expect to Pay for a Moving Deposit?
Again this varies from moving company to moving company. However, expect to pay either a flat fee or a percentage of the move cost. That percentage is upwards of 10 percent of the move estimate, but the exact number is at the discretion of each moving company.
Are Moving Deposits Refundable?
Moving Deposits are typically refundable within a certain span of time. The exact amount of time varies with each moving company, so make sure to verify with a representative of the company you’re working with.
Before ever agreeing to relinquish any money, make sure you have been told explicitly if that deposit is refundable or not. It’s also a good idea to get it in writing if a company stipulates that a deposit is refundable.
What Else Should I Know About My Deposit?
- If you’re doing a long-distance move, movers aren’t allowed to take a deposit.
- The deposit is not a separate fee. The entirety of that deposit should go toward the final cost of the move.
- Part of the purpose of a deposit is to hold your spot. A moving company should never refund your deposit and give your spot away to a different client after the exchange of money—unless you’ve initiated a termination of the move.
If you do need to cancel or change a move for any reason and your moving company didn’t ask for a deposit, be courteous to that company and inform them of any changes as soon as you know. The company is holding your spot, and if you drop out without fair warning, the company could be unable to secure a new paying customer for that time slot.
For more information about moving deposits or any other financial aspect of a move, please feel free to contact a representative of All Star Movers.