What is Passport Deposit and how does it work? 

What is Passport Deposit?

Jetty's Passport Deposit is a revolutionary service that replaces your security deposit with a one-time, non-refundable fee which amounts to a fraction of the deposit cost. Instead of paying a full security deposit, Passport Deposit gives you the option to pay 17.5% of your deposit amount as a one-time, non-refundable fee which serves as a Jetty-backed guarantee to your landlord to satisfy the security deposit requirement.

Jetty's Passport Deposit is what's known as a surety bond, which is a special type of 'insurance-like' product that's a three-way contract (in this case, between us, you and your landlord), vs. the two parties to a true insurance contract. You can learn more about surety bonds at our Insurance 101 section, and Investopedia has a good (if somewhat technical) article on the subject, too.

 

How much is Passport Deposit and how does it work?

Passport Deposit is issued at the beginning of your lease and covers you until you move out; it's priced at 17.5% of the amount you would have paid under a normal security deposit. So, if your landlord is asking for a $2,000 deposit and she accepts Passport Deposit, you would have the option of paying a $350 fee (17.5% x 2,000 = 350) instead.

Keep in mind that this isn’t an excuse to wreak havoc on your place—you’re still responsible for any damages (which won’t happen, of course, right? 0=)) and your fee won’t be returned—but we’ll take care of meeting your landlord’s security deposit requirement so you can move in without any hassle.

 

What do I need to apply for Passport Deposit?

 Having the following materials will help us process your application as quickly as possible:

  • Your deposit amount
  • Your intended lease duration
  • Landlord Approval

The specific requirements may vary by the state you live in (and, don't worry, it'll all be clear when you apply in terms of what's needed).

Sometimes, the simpler it is, the more you have to explain it. We're happy to do so: just shoot us a note at help@jetty.com and we'll get you sorted.

 

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The content available on this page is provided for information purposes only. Jetty makes no representations or warranties as to the accuracy, completeness or timeliness of the information. The information is not intended to provide legal, tax or accounting advice. Each person should consult a qualified advisor for advice specific to their circumstances. Jetty assumes no liability for actions taken in reliance upon the information contained herein.

  
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