Overpayment of final rent? Rent refunds via Cubbi
If the Tenant has overpaid their rent, Cubbi will contact you to request the overpayment is refunded to the Tenant...
Cubbi recommends processing tenancy end requests in advance of the vacate date. As a minimum, this should be done 7 days prior.
If the tenancy end is not processed in advance, it can lead to an overpayment of rent. Cubbi will contact you to advise the amount of rent overpaid, and ask your confirmation to debit these funds from your account and refund them to the Tenant.
Common Ground. We have to ensure Tenants receive their overpayment. If we do not receive a response within 72 hours, we will refund the tenants automatically.
Cubbi does not refund the 2% service fee for the rent overpayment, which has been received.
- Tenant X is paying $700 per week via Direct Debit, with the default deduction date set of 5 days before the rent is due.
- The next rent payment is due 20 August, the rent has been deducted from their account on 15 August (5 days before).
- On 20 August, you process the tenancy to end via Cubbi for the 22 August (after serving / being served the correct notice).
- The $700 has cleared on 20 August, meaning the Tenant has paid rent up to and including 26 August. They are due a refund of $400 (for the overpayment of rent for the period 23 August - 26 August).
- Cubbi will debit the $400 from your account and refund this to the Tenant.
- The 2% service fee on $700 original payment ($14.00) is not refunded.
Any questions? Get in touch with us here.