If the Boat Owner requests a refundable security deposit to be managed by Sailo, then we will place a hold on the renter’s credit card to cover any incidentals.
If the trip is booked more than 3 days in advance, the hold will be placed 3 days prior to the day of the trip. If the trip is booked 3 days or less before the day of the trip, the hold on the refundable security deposit will be placed at the moment of booking.
Important: while most banks will show the hold correctly as “pending” on the statement, some banks may show it as a “charge”. That is incorrect, as Sailo’s system does not charge a security deposit, only places a hold on it. If there are any concerns, please contact the bank.
In both cases described above, the funds will be released 24 hours after the trip if there are no incidentals. In the case a claim is filed, the security deposit will be held until the claim is resolved. This charge will appear on the Renter's credit card statement as "Balanced".
If the Boat Owner requests a refundable security deposit to be paid at base, the Renter has to pay the amount on the day of the trip, directly to the Boat Owner, before embarking on the boat.