Yes, a security deposit is held on the renter’s credit card to cover any incidental damage or lost items. The hold is placed on the credit card at the time of booking and released 18 hours following the conclusion of the rental if no claims have been filed. In the case a claim is filed, the security deposit is held until the claim is resolved. This charge will appear on the renter's credit card statement as "Balanced".
A minimum default $500 security deposit will be held on the Renter’s credit card. A boat owner can also adjust the security deposit amount associated with his/her boat listing from a minimum of $500 to a maximum of $99,999.
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