Deposit cheque

[Saled]

Hi quick question....I have just been given a cheque as deposit (equal to a months fees) for someone starting in September. Would you cash the cheque or only cash if they don't start/cancel there place?

Thanks

[wendywu]

I would cash it. Because if they changed their mind they could stop the cheque before they told you they no longer needed the place.:)

[lauredt]

I cash all deposit cheques immediately and transfer them into a special savings account until the child has done his first month trial. If it doesn't work out I can give the money back straight away (must admit, this has never happened).
And once they are settled, I can do whatever I want with the money, using it if I have cash flow problems. But I usually keep it in there until the child leaves, 3 years later,and pay it into my business account on their last month. The parents enjoy having a "free" month, but my monthly income doesn't drop.

Lauredt

[Saled]

Good idea about keeping it in a seperate account, thanks!

[CHUNKY MONKEY]

Lauredt how much do you charge?:blush: