Bond Bucks Bounce Back

More than 20 per cent of all bond refund cheques are returned to the RTA because tenants fail to provide an updated forwarding address.

Tenants can avoid this problem by giving the RTA their bank details so money can be deposited straight into their accounts. Landlords and agents can also help by reminding tenants that it is the fastest way to get bonds back.

RTA General Manager, Fergus Smith, said direct credit was not only quick, but secure.

“I encourage all tenants to complete the bank details section on the bond refund form to ensure a speedy refund,” he said. “It takes around two days for bond money to be refunded via direct credit. Tenants who want cheques sent to them may have to wait more than a week, taking into account postal delivery and bank clearance times.”

Tenants are responsible for ensuring the RTA has either their bank account details or an up-to-date forwarding address. If a bond refund cheque is not banked within 15 months the money becomes unclaimed.

Check if the RTA is holding any money on your behalf at the Unclaimed Money Search section on www.rta.qld.gov.au

Did you know?

  • Tenants can contact the RTA and provide their forwarding address at any time. These details are kept confidential and tenants are kept informed about any claims on their bond.
  • If tenants aren’t sure of their forwarding address, they should give details of an address where they can be contacted (family member or trusted friend).
  • Direct credit bond refunds are usually processed overnight. Cheque bond refunds can take up to a week to be received in the mail and are then subject to bank clearance times.

Source : RTA Update (June/July 2011)

 

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