FAQ’s About Security Deposit
1. Why do I have to pay deposit?
A. The security deposit is what will give you bidding power, or the ability to bid. The amount of bidding power will depend on the amount of security deposit you submit, you can use the security deposit calculator under “make payments” to determine how much deposit you will need based on how much you want to bid.
2. Can I use the deposit towards the purchase?
A. Unfortunately the deposit cannot be used towards the payment. The security deposit will stay on the account until you are done bidding and wish to close the account and receive a refund. The only time your security deposit will be used is if you acquire any past due fees such as storage, relist fee, or late fees.
3. Is the deposit refundable?
A. Yes, the security deposit is fully refundable within the first 90 days after submission. After 90 days we are only able to refund the net amount (minus 3%) due to the card processor convenience fees. Prior to refunding the deposit, we may use any part of it to satisfy any unpaid balances as a result of your bidding activity, that are left on the account.
4. How long does it take to receive my deposit back?
A. After you submit a request for refund on our website, our sales team will process it within 1-2 business days of receiving. Once refunded on our end, you will see the credit on your account in about 1-3 days, depending on your bank or credit card company.
5. How can I submit the security deposit?
A. You will be prompted to enter your credit/debit card information at the end of the registration for the initial security deposit. The minimum amount you will need to submit is $400, and you can adjust that amount at the top of the page based on how high you wish to bid.
6. How can I submit additional security deposit?
A. Additional deposit can be submitted at any time right from our website. The option can be found under “make payments” tab located towards the top of the page. Here you can use a credit/debit card to submit any amount you wish, or you can also submit the deposit over the phone by calling our office at 231-346-3400.