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.
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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 and invoice are paid.
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 will be returned within 60 days after we receive the full payment of all necessary invoices following a termination. But in most cases, your refunds will be available much sooner - often within 30 days after final invoices are paid.
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?
You have two methods to receive refunds: adding a bank account, or leaving the funds on Deel that can be used for future payments.
You can add a refund method for a specific worker from their Contract Details page; or you can select a default method at the organization level.
Selecting Leave Refunds On Deel as your preferred organization-level refund method will automatically apply to all contracts that have a deposit, regardless of worker type.
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 group. Once the contract has ended and all outstanding invoices have been paid in full, the refund amount will be deposited to the selected bank account or returned to your Deel Balance.
In order to proceed with a refund you will need to add at least one refund method to the Deel platform.
About refund 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 paying foreign exchange rates please ensure that you provide a bank account in the same currency as your deposit.
Using deposit refunds for future payments
EOR deposits that were made in a supported pay-in currency can be left on Deel and used toward future payments.
You can choose the currency that you wish the deposit refund to be converted to before Deel posts the funds on your balance. But once the refund arrives on your balance, you cannot exchange the funds again to a different currency.
The funds on your balance must be in the same currency that you use for payments to be used for future payments.
To withdraw an EOR deposit refund to a bank account, please ensure that the currency on your balance funds matches the bank account currency.