deposit during the tenancy, but must give it to the scheme at the end of the tenancy if there is a dispute. 02 How does the Custodial scheme work? Update: as from April 2016, all three schemes now operate a custodial scheme. Log in and take care of your deposit whenever you need to. In the TDS Insured scheme your letting agent or landlord holds your deposit. Previously the Deposit Protection Service (DPS) was the only provider to offer a custodial scheme with TDS and My Deposits both offering just insurance-backed schemes. Tenancy deposit schemes come in two forms, custodial and insured. Tenancy Deposit Scheme (TDS) MyDeposits; The Deposit Protection Service (The DPS) Established in 2003, TDS is the longest serving Government-approved deposit protection scheme. I’ve used the TDS for all my tenancies since protecting deposits with an independent organisation became law. If your Tenancy deposits are transferred to either the DPS, TDS custodial or Safe Deposits Scotland, the steps below show you how to use the custodial scheme routine in your CFPwinMan software which replicates the transfer of deposit monies out of the scheme.. You can: Record money being received back Out of the custodial scheme to . As we do not know when a tenancy will end, we will not send you a reminder about this. Under custodial schemes, the landlord (or their agent) ... For example, insured deposit scheme provider My Deposit charge landlords £26 for deposits over £500. Login to your account to: You have the ability to Renew an existing tenant where you have issued a new AST without the need to re-enter all the tenancy details. In previous blogs, we’ve discussed what changing tenants means for deposits, but there may also be repercussions when the management of the property transfers from an agent to a landlord. In April 2007 the Government appointed mydeposits to operate an Insurance-based Tenancy Deposit Protection Scheme. 03 Online access to your deposit It’s easy to access your deposit via our website. If your landlord or letting agent has transferred the deposit to us, it will be in our custodial scheme. Tenancy Deposit Scheme If you don’t rent your home on an assured shorthold tenancy, your landlord can accept valuable items (for example a car or watch) as a deposit … Tenancy Deposit Scheme (TDS) is a Government-approved scheme for the protection of tenancy deposits; TDS offers both Insured and Custodial protection and provides fair adjudication for disputes that arise over the tenancy deposits that we protect.. Other schemes will not offer the same level of protection for either landlords or tenants. Sometimes in tenancies, circumstances change. If you cannot find your deposit in either of our schemes, you may want to check if it is held in another scheme. Getting my deposit back – TDS Insured. All landlords and letting agents are able to use the custodial scheme. There is only one custodial scheme which is run by the Deposit Protection Service. This means that they will soon be in a position to offer landlords and agents the option of using either a custodial or an insurance based protection service in England and Wales. Mydeposits has been given government approval to operate a custodial based tenancy deposit protection scheme in England and Wales from April 2016. TDS Custodial and My Deposits will hold the tenant’s deposit money for the duration of the tenancy. We protect deposits from being lost or unfairly withheld, and resolve disputes where tenants and landlords can't agree how much the landlord can deduct. Tenancy deposit protection service My Deposits has been given Government approval to operate a custodial-based scheme in England and Wales from April 2016. If your landlord has chosen to protect your tenancy deposit in the TDS Custodial scheme, there are probably a few reasons why they’ve made that decision: TDS is the longest-running provider of a tenancy deposit protection scheme in the UK and is also the only non-profit organisation. Find out which scheme is right for you here. We A government approved tenancy deposit protection scheme. That means we hold your deposit in … Our custodial scheme means that you joined mydeposits for free and transfer the deposit money to us to hold. About TDS. Find out the difference between insurance and custodial tenancy deposit protection schemes with this helpful guide from My Deposits - leading providers of services and advice for landlords, letting agents and tenants in the private rental market. Firstly, you will want to check if your deposit is held in the TDS Insured or TDS Custodial schemes. Your deposit will be returned at the end of the tenancy, once you and your landlord/letting agent have agreed how it should be repaid. Tenancy Deposit Scheme is a government-approved, award-winning deposit protection scheme.We offer both insured (TDS Insured) and custodial (TDS Custodial) schemes to protect your tenancy deposits.We also provide impartial adjudication for disputes that arise over the deposits we protect. In the TDS Custodial scheme, your deposit will not be repaid automatically, even if your landlord has told us there are no deductions. If the letting agent or landlord holds the deposit, then it will be in our insured scheme. Is my deposit protected in the TDS Custodial Scheme? How do I get my deposit back? Is my deposit protected? 2.2 TDS Custodial is a custodial scheme. Q. You can now filter and sort your deposit protection history. Both options are easy to use and, should a dispute arise over the return of the tenancy deposit, there is always the choice to use the TDS Alternative Dispute Resolution process. The rules in this document do not apply to any other schemes which have been authorised to protect tenancy deposits. At Shelter’s website, you’ll find links you can follow to check if your deposit is protected with them. Scheme Rules for Business Members – mydeposits Custodial Conditions of Deposit Disputes – mydeposits Custodial Information for Tenants Leaflet – mydeposits Custodial mydeposits is a fast, free service for landlords to protect their tenant's deposit. The Schemes The Government awarded contracts to three companies to run its tenancy deposit schemes on 22 November 2006. You need to login and submit your request or response and give us your bank details. Landlords must use an approved scheme to protect tenancy deposits. How Custodial based deposit protection works: We are authorised by the Northern Ireland Executive to protect your deposit. No need to wait in a call queue. You need to login and submit your request or response and give us your bank details. The three schemes are: The Deposit Protection Service (The DPS) – the only custodial deposit protection scheme – is free to use and open to all Landlords and Letting Agents. The TDS Custodial scheme is free to use. Your online account is available 24/7. We’re the UK’s largest provider of deposit protection, so your money is secure with us. Custodial schemes involve a little more administration for the agent as they effectively do their own paperwork and then log onto the scheme to initiate the deposit repayment process. After researching the schemes available, I decided to use the TDS and have been very happy with the service and professionalism. Both the insurance and custodial schemes offer a free Alternative Dispute Resolution service if an agreement cannot be reached regarding the return of the deposit. Deposit Protections that have passed their AST End Date that require action are now clearly highlighted. Download the TDS Custodial App for Tenants: Login Information If you are an NRLA landlord you will need to login to the NRLA website , using your NRLA login, to add or manage TDS tenancy deposits. Landlords and letting agents can join our custodial scheme and lodge the deposit with us to safeguard. Is my deposit protected in the TDS Insured Scheme? This document contains the TDS Custodial scheme rules. The deposit legislation applies to all residential properties let on an assured shorthold tenancy after 6th of April 2007. The agency for deductions being claimed Your landlord or letting agent may have protected it with another scheme. Below we will summarise the difference between the two. Since 1 April 2013, landlords in Northern Ireland must protect their new tenants' deposits under the Tenancy Deposit Scheme. Within these three approved schemes, there are two types of scheme: custodial and insurance. Custodial Scheme. I'm ready to activate my account I couldn’t find my deposit. With our custodial scheme, you pay the deposit to us and we protect the money for free. The repayment process is also different, since the landlord already has the security deposit in their accounts at the end of the tenancy. If a landlord uses a custodial scheme to protect a tenant's deposit, the landlord gives the deposit to the scheme administrator. Deposit protection agency my|deposits has been given the green light to offer a custodial tenancy deposit protection scheme from April 2016. Deposit Protection Service (DPS) My Deposits; Tenancy Deposit Scheme (TDS) There are many other schemes available, but only these three are protected in law. Landlords and agents can protect deposits using our insurance or custodial based protection options. If this is how you protect your deposits, then use: Join TDS Today Since the 1 April 2013 all landlords and letting agents in Northern Ireland must protect tenancy deposits with an approved scheme, such as mydeposits Northern Ireland. Landlords or their letting agents have been legally obliged to protect tenants’ deposits in England and Wales since 2007. The scheme is insured because this guarantees that tenants will always get back the money to which they are entitled. Custodial Deposit Protection Schemes. Become a TDS Custodial member! In the custodial scheme, your deposit will not be repaid automatically, even if your landlord has told us there are no deductions. 2.1 Each of the authorised tenancy deposit protection schemes has rules which landlords, agents and tenants must follow. As we do not know when a tenancy will end, we will not send you a reminder about this. 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