How will I get my bond back through Gecko?

By Gecko Oct 27, 2022

So you’ve just returned your rental item? And you’re probably wondering when you’ll receive your bond money back? Don’t worry, Gecko 🦎 has your back.

We’ve processed 1000s of deposits before, so we understand how confusing it can be when you don't see your deposit back. We’ll clarify all the things you need to know when it comes to your bond!

What is a bond? 🔒

A bond is an additional deposit you pay to the rental business for the item that you are borrowing. This is to ensure we implement appropriate measures for rental businesses in the case that the item comes back damaged or missing. In the case that the product comes back damaged or missing, the lender will decide if you’re eligible for a partial or no refund.

What’s the steps of getting my bond back? 💵

You’ve returned the item to the rental business in its original condition
The rental business will mark the transaction as completed
Your deposit will be returned to your associated bank account within 3-5 business days depending on your bank:

Alternatively, if the lender fails to mark the transaction as completed: 4. After a week, Gecko will examine the pending transactions and have it approved 5. Your deposit will be returned to your associated bank account within 3-5 business days depending on your bank

🥳Congratulations, you can kick your feet up and rest assured knowing when and how you’re deposit will come back!

Wait, what happens if I accidentally damage the item I hired?

Alternatively, the rental business will report the incident to Gecko within 1 week after you’ve returned the item. They will determine how much deposit they will take from; whether it’s a partial or no return. The deposit will be charged, meaning that you aren’t eligible for a full deposit return. In this scenario, you won’t have to do anything else so you don't have to worry about providing any other details.

How can I trust in getting my bond back?

Gecko uses a secure payment provider called Stripe to ensure that our borrowers’ and rental businesses’ personal information and bank details are kept securely on file. We use Stripe Radar, a feature that uses advanced machine learning to help against fraud protection so you don’t have to worry about the potential loss of your money.