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Old 07-07-2011, 09:48 AM
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Zoe Zoe is offline
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Default Deposit For A Long Hold

I know a lot of you don't hold spots for a long period of time, but it's been so slow here that I'm willing to work with anyone at this point. I got a response to my ad for an infant that would start in January. I know.

I've been licensed since February and still only have my one family from before I was licensed. It's that slow and there's a lot of providers in the area.

So my question is this. How much of a deposit would be fair for this without being ridiculously expensive?
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Old 07-07-2011, 10:01 AM
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While I do not have any day care kids myself yet what I told more than one parent over the phone was to hold spot for more than two weeks form now you would have to pay for the first two weeks now. This is in addition to the option for paying the last two weeks in advanced and having a $10 per child per business day late fee and a 10% surcharge in the unlikely event that I should have to send the account to collections, or no deposit for the last two week and a $15 per child late fee per calendar day, with a 75% surcharge in the unlikely event that I have to send the account to collections. So far all the parents have said I will check back later.
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Old 07-07-2011, 10:04 AM
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I charge half rate as a hold fee. Non-refundable. Doesn't apply to future care. I'm losing out on income while I hold that spot. All of my families came in after paying a hold fee. I've had a few not pay, but especially for an infant, parents will pay to know their tiny baby has a place to go when the time comes. I have a separate contract for this.
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Old 07-07-2011, 10:08 AM
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Quote:
Originally Posted by bice99 View Post
I charge half rate as a hold fee. Non-refundable. Doesn't apply to future care. I'm losing out on income while I hold that spot. ......... I have a separate contract for this.
This is what I do. Non-refundable is BOLDED and much LARGER letters than the rest of the contract.


I am currently taking $50 a week for a baby to be born this month. Mom does not plan to start her until 12 weeks. So total, I will have held the spot for 5-6 months.
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Old 07-07-2011, 10:09 AM
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This is what I do now.
I charge one weeks fee per month.
I used to charge just 2 weeks, and got burnt badly on it!!
One week per month, is enough, they are serious about wanting you to hold the spot. I had one family just commit to 5 months worth!!
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Old 07-07-2011, 10:29 AM
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So when you charge this deposit, do you ask for it all upfront or do you do monthly installments? I'm really worried about getting burned but I hate to turn anyone down, especially since it's so slow here.
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Old 07-07-2011, 10:48 AM
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generally I will come up with an amount depending on how long I'm holding the spot and what their weekly rate will be. In your case, you want it to be enough so she doesn't just flake out on you but you also are not filled to capacity where holding this spot is cutting into your income, you know? You don't want to make it too much that she won't want to hold the spot and "will take her chances" on you having an opening if she just calls you in January.
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Old 07-07-2011, 10:54 AM
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Ask for it all upfront. Do not hold that spot til you receive all of the money. Mine does not go towards any daycare either, it is only to hold the spot. When you do months and months of holding a spot for them, you are losing out on a ton of money each week. I held a spot for someone for 9 months on a 2 week deposit. Then a week before they were supposed to start, they called and said they found a daycare open 12 hrs. and they were going to leave their newborn in a daycare for 12 hrs. UGHH!!!
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Old 07-07-2011, 01:14 PM
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I will hold a spot for any length of time someone wants/needs, but a holding deposit is expected immediately, up front - non-refundable, does not go towards future care costs. I have had a family pay $1600+ to hold a spot for 5 months. I charge $15 (weekdays, no weekends) to hold spaces.
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Old 07-07-2011, 01:28 PM
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I charge 1/4 what their contract will be for per week. They are to pay the holding fee either weekly or monthly. If it's late by 1 week then I consider the contract terminated and will look for another family. I currently have one family holding for 5 months everyone else walked away.
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