A security deposit is held on each renter’s card to cover any incidental damage or lost items. The hold is placed on the card 48 hours before the rental and is released 48 hours following the conclusion of the rental if no claim has been filed. If a claim is filed with Geico Marine post-rental, the renter's security deposit is held until the claim is resolved. This charge will appear on the renter's bank statement as "BoatboundSecrtyDepst".
If the booking is accepted less than 48 hours prior to the booking start time, the security deposit will be processed in conjunction with the total booking payment.
Please note that Boatbound will deduct a 2.7% + $0.55 processing fee on security deposit payouts to owners.