What is the law regarding a deposit?

Answer by  patti (29325)

Assuming that you are referring to bank deposits, the bank has the right to create policies regarding deposits based on the amounts and source of the funds. Funds deposited into an account may or may not be immediately available, based on the bank's policies. Speak to the lender about these policies.

Answer by  Dean (4035)

There is big section of civil code written with regard to deposits. Deposits are part of a contract, generally, for a lease, a purchase, etc. The contract will state how the deposit is to be used and specify details. Disputes regarding a deposit fall under contract law. If you're referring to bank deposits, ask the bank about its policies.

Answer by  TheAnswerFairy (2345)

A deposit is money given in order to guarantee that the person will fulfill their obligations. If the person backs out of the deal, the other party keeps the deposit.

Answer by  Advisor (1032)

Are you referring to a retainer for legal services? There is no law specifing minimum or maximum; the limits are established by the law firm and are usually based on the nature of the crime or service and may account for credit rating and are typically higher in metropolitan areas.

Answer by  diamond90 (309)

A landlord can make deductions from security deposits if damagages has been done to a property that a tenant resides in. Depending on the state, amount they can hold varies.

Answer by  withluck (1745)

Deposits are to be used only for securing a promise for later payment or later action. The deposit may or may not be returned under certain conditions. When a deposit is taken there should be a contract with a statement clearly regarding the use of the deposit.

Answer by  Atomicrayon (2504)

A deposit when made at a bank is legally binding, they have licenses they legally compel them to keep your money logged and protected. The bank will face fines if they lose it.