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QOTD from Heather: 'Question! Shooting weddings: when you get a deposit, do you hold it until the wedding and then cash it, or do you cash it upon receiving? Thanks!"
Kelly: Cash upon receipt. A lot of folks spend money faster than they remember they wrote checks
Jean:Never hold a check.
Christina: cash on receipt because depsists are non refundable I require a $250 deposit so if they cancel or something happens god for bid they have signed a contract and know that money is not coming back. remeber you are blocking and entire date for them and taking away from your other clients so if they cancel you are not taking away from your income in anyway
Tracy: Cash the check. You want to make sure it clears.
Justina: Cash on receipt because you won't be refunding it. For the other payments they are cashed on receipt but not spent in case they need refunded. (luckily no weddings have been cancelled yet!)
Christy: Word it in the contract as a "non refundable retainer". Deposits can be refunded if they cancel and consult an attorney. Always cash checks immediately.
Michelle: I just had a couple cancel their wedding. That is only a couple of months away. If I hadn't already cashed their check then I would have lost that day & the money. It's too late tobook another wedding for the day & most people would cancel the check if they cancel your services & its still outsanding.
Crystal: Agreed Christy! My contracts are worded to say "non-refundable retainer" because a retainer is typically non-refundable whereas a "deposit" can be argued in court that it isn't. Anyone who has a wedding contract should be using the "retainer" verbage.
Heather: Thanks so much! This is the first of a few weddings I'm getting paid for and I wasn't entirely sure. I am also going to send her a contract. It's my friends sister so things aren't as strict but I still want this in writing because...you know, you never know!
Jean: the reason I said to never hold a check is because if you have to go through the state attorney's office to collect on insufficient funds, 1 of the questions they ask is did you hold the check.
Jean: And it doesn't matter if this is a deposit, retainer, payment in full.....never hold a check. So all the reasoning I read here about why (because of whether it can be refunded or not) has nothing to do with whether you deposit the check immediately. Always deposit a check immediately.
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