This article explains the process for obtaining a refund on your deposit following the termination of a Full-Time Deel-EOR Employee.
If you are looking for information on terminating an employee please read our article How do I terminate a full-time employee?
Please note that Deposits are held on the balance sheet of Deel Inc., in our bank accounts with JP Morgan Chase at 270 Park Avenue, New York, NY.
In this article:
How do I delete a refund method?
How do I choose a refund method for a contract?
How do I track the status of my refund?
Information about refunds and currencies
About Refunds
When you terminate a full-time employee who was employed through a Deel EOR we will issue a refund of your deposit minus any applicable dues, fees, and payments.
The process for terminating an employee can take up to 30 days - or even long in some cases - depending on the nature and jurisdiction of the termination.
Refunds are processed once the termination or resignation is finalized: the termination date.
Please note this is not the same as the date you initiate the termination process. For more information about terminations please read How do I terminate a full-time employee?
Our Master Services Agreement advises that refunds can take up to 60 days from the termination date. In most cases, refunds will be available much sooner - often within 30 days of the termination date.
Once the termination is finalized you will receive an email advising you that your refund is ready. In order to receive your refund you must have provide bank details on Deel.
Read on to learn more about adding and managing your refund methods, and for information on tracking the status of your refund.
How do I add a refund method?
| NOTE: You must have at least one refund method in order to receive your refund |
✅ Step 1 - Navigate to your Organization Settings
Select Organization Settings in the navigation menu and click the Refund Methods tab.
✅ Step 2 - Click Add Bank Account
✅ Step 3 - Enter your bank account information
Complete all the required fields and click Add. Your bank account information has now been added to your profile and is ready to receive your refund.
How do I delete a refund method?
You can manage or delete your refund methods at any time from the Refund Methods tab in Organization Settings.
✅ Step 1 - Navigate to your Organization Settings
Select Organization Settings in the navigation menu and click the Refund Methods tab.
✅ Step 2 - Delete your refund method
You can delete your refund method by clicking the blue recycling bin.
How do I choose a refund method for a contract?
You also have the option of choosing to add a refund method for a specific contract from the Contract Details screen.
✅ Step 1 - Navigate to your employee's Contract Details
Select Contracts from the navigation menu, select your employee contract, and click the Contract Details tab.
✅ Step 2 - Locate the Deposit information
Scroll down until you locate the Deposit information section and click Add Bank Details
✅ Step 3 - Enter your bank account information
Complete all the required fields and click Add. Your bank account information has now been added to this contract and is ready to receive a refund.
✅ Step 4 - Switch between your refund methods
If you have multiple refund methods saved you can even decide which method you want to use for this contract. Simply return to this screen and select Change.
Simply select the account you wish to use and click Update Selection.
How do I track my refund?
You can track the status of a refund from the employee's Contract Details screen.
Please note that your refund amount is subject to review by the Deel EOR team. Once the contract has ended and your invoices have been paid the refund amount will be deposited to the selected bank account. In order to proceed with a refund you will need to add at least one refund method to the Deel platform.
✅ Step 1 - Navigate to your employee's Contract Details
Select Contracts from the navigation menu, select your employee contract, and click the Contract Details tab.
✅ Step 2 - Locate the Deposit Refund section
Scroll down until you locate the Deposit Refund section. This will be the same section where you previously added a bank account for to receive a refund for this employee.
You will now be able to track the status of the refund for this contract.
- In review - the refund is awaiting review by the Deel EOR team
- Pending - the refund has been approved
- Refunded - the refund has been completed
Information about refunds and currencies
Deel will return your deposit in the same currency as the bank account you provide for your refund. If your deposit is held in a different currency from the account you provide we will process a currency exchange at the applicable FX rate at the time of the refund.
If you want to avoid FX fees please ensure that you provide a bank account in the same currency as your deposit.