If the letting agent or landlord holds the deposit, then it will be in our insured scheme. How Custodial based deposit protection works: We are authorised by the Northern Ireland Executive to protect your deposit. 2.1 Each of the authorised tenancy deposit protection schemes has rules which landlords, agents and tenants must follow. No need to wait in a call queue. The TDS Custodial scheme is free to use. Within these three approved schemes, there are two types of scheme: custodial and insurance. The deposit legislation applies to all residential properties let on an assured shorthold tenancy after 6th of April 2007. All landlords and letting agents are able to use the custodial scheme. Join TDS Today Landlords and agents can protect deposits using our insurance or custodial based protection options. As we do not know when a tenancy will end, we will not send you a reminder about this. Landlords and letting agents can join our custodial scheme and lodge the deposit with us to safeguard. 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 . The repayment process is also different, since the landlord already has the security deposit in their accounts at the end of the tenancy. Since 1 April 2013, landlords in Northern Ireland must protect their new tenants' deposits under the Tenancy Deposit Scheme. We’re the UK’s largest provider of deposit protection, so your money is secure with us. About TDS. Other schemes will not offer the same level of protection for either landlords or tenants. If a landlord uses a custodial scheme to protect a tenant's deposit, the landlord gives the deposit to the scheme administrator. 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. Deposit Protection Service (DPS) My Deposits; Tenancy Deposit Scheme (TDS) There are many other schemes available, but only these three are protected in law. deposit during the tenancy, but must give it to the scheme at the end of the tenancy if there is a dispute. 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. 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. If your landlord or letting agent has transferred the deposit to us, it will be in our custodial scheme. Landlords or their letting agents have been legally obliged to protect tenants’ deposits in England and Wales since 2007. 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. You need to login and submit your request or response and give us your bank details. As we do not know when a tenancy will end, we will not send you a reminder about this. With our custodial scheme, you pay the deposit to us and we protect the money for free. In the TDS Insured scheme your letting agent or landlord holds your deposit. 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. If this is how you protect your deposits, then use: Your landlord can choose to protect your deposit with our insured scheme, where they hold the deposit, or the custodial scheme, where they pay the deposit to us. Getting my deposit back – TDS Insured. Deposit protection agency my|deposits has been given the green light to offer a custodial tenancy deposit protection scheme from April 2016. 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.. Sometimes in tenancies, circumstances change. A government approved tenancy deposit protection scheme. 2.2 TDS Custodial is a custodial scheme. The Schemes The Government awarded contracts to three companies to run its tenancy deposit schemes on 22 November 2006. 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 protection service My Deposits has been given Government approval to operate a custodial-based scheme in England and Wales from April 2016. There are three government-backed deposit protection schemes: Deposit Protection Service (DPS), MyDeposits and Tenancy Deposit Scheme (TDS). Custodial Deposit Protection Schemes. You need to login and submit your request or response and give us your bank details. There is only one custodial scheme which is run by the Deposit Protection Service. In April 2007 the Government appointed mydeposits to operate an Insurance-based Tenancy Deposit Protection Scheme. At Shelter’s website, you’ll find links you can follow to check if your deposit is protected with them. 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. Our custodial scheme allows you to be in complete control. 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 … Scheme Rules for Business Members – mydeposits Custodial Conditions of Deposit Disputes – mydeposits Custodial Information for Tenants Leaflet – mydeposits Custodial In the TDS Custodial scheme, your deposit will not be repaid automatically, even if your landlord has told us there are no deductions. Is my deposit protected in the TDS Insured Scheme? 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. Under custodial schemes, the landlord (or their agent) ... For example, insured deposit scheme provider My Deposit charge landlords £26 for deposits over £500. Tenancy deposit schemes come in two forms, custodial and insured. Below we will summarise the difference between the two. 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. If you cannot find your deposit in either of our schemes, you may want to check if it is held in another scheme. You can now filter and sort your deposit protection history. Become a TDS Custodial member! 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. Landlords must use an approved scheme to protect tenancy deposits. Tenancy Deposit Scheme (TDS) MyDeposits; The Deposit Protection Service (The DPS) Established in 2003, TDS is the longest serving Government-approved deposit protection scheme. 03 Online access to your deposit It’s easy to access your deposit via our website. 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. Your landlord or letting agent may have protected it with another scheme. I’ve used the TDS for all my tenancies since protecting deposits with an independent organisation became law. In the custodial scheme, your deposit will not be repaid automatically, even if your landlord has told us there are no deductions. 02 How does the Custodial scheme work? Login to your account to: Need to view or manage your deposits? Custodial Scheme. Firstly, you will want to check if your deposit is held in the TDS Insured or TDS Custodial schemes. This document contains the TDS Custodial scheme rules. 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. Q. Is my deposit protected? mydeposits is a fast, free service for landlords to protect their tenant's deposit. After researching the schemes available, I decided to use the TDS and have been very happy with the service and professionalism. Your online account is available 24/7. Find out which scheme is right for you here. 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. Update: as from April 2016, all three schemes now operate a custodial scheme. 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. Who is my|deposits? That means we hold your deposit in … TDS Custodial and My Deposits will hold the tenant’s deposit money for the duration of the tenancy. Deposit Protections that have passed their AST End Date that require action are now clearly highlighted. The rules in this document do not apply to any other schemes which have been authorised to protect tenancy deposits. I'm ready to activate my account I couldn’t find my deposit. How do I get my deposit back? 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. 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