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Closing of a existing account

Closing of a rental deposit on Zinsli​

In order to close a rental deposit, the landlord and tenant need to agree on how the funds are paid out.

  1. The landlord makes a claim for some or all of the funds.

  2. The tenant accepts the claim or rejects it. If they reject it, the landlord makes a new proposal.

  3. When the tenant accepts the claim from the landlord, they indicate how they would like to make the payment. This can be done directly from the rental deposit or it can be done from some other account.

  4. If the tenant decides to pay the claim from some other account, the process halts here until the landlord confirms that the payment has arrived in their account. Then the landlord confirms the release of the rental deposit.

Request to close rental deposit product​

Only a finalized agreement is transmitted to you as the product provider.

  1. Once tenant and landlord have agreed that the rental deposit can be released and how the funds should be paid out, the relevant information is transmitted to you. a. Name and bank account information of landlord b. Name and bank account information of tenant c. Amount to be paid to landlord (the remainder goes to the tenant) d. Confirmation timestamps of landlord and tenant

  2. Based on the transmitted information, you can make the payments and close the account.

Exceptions​

There are several exceptions for this process:

  1. The landlord does not trigger the release of the rental deposit for over a year after the end of the rental contract.

  2. The landlord and tenant do not find an agreement on how the rental deposit should be released.

  3. A court or arbitration authority decision exists which determines the payout of the deposit.