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Deposit routing controls where deposit money goes when you activate or return a deposit with Automatic transfers turned on. Use it to send custodial deposits to a scheme, keep insured deposits in your own account, or pass funds to the unit’s owners. To turn routing on, go to Settings > Owners > Routing and enable Deposit routing.

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Destinations

Once deposit routing is enabled, choose where funds should go:
  • Default: Used when the deposit has no scheme-specific destination, including deposits outside the UK.
  • Custodial schemes (UK deposits): Set a separate owner for DPS, mydeposits, and TDS. These are typically supplier owner accounts for each scheme.
If a scheme destination is not set, Yorlet uses the default destination, or your platform owner account if no default is set.

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When funds move

Automatic transfers only run when you turn on Automatic transfers in the activate or return dialog.

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On activation

What happens depends on the scheme and whether the deposit is handled by the owner:
  • Insured (UK): No transfer. You keep the deposit in your own account or client account, as the scheme insures it rather than holding it.
  • Custodial (UK): The deposit is transferred to the matching scheme destination so you can send it on to the protection scheme.
  • Handled by owner: The deposit is split across the unit’s owners according to each owner’s percentage ownership, instead of using the routing destinations above.
  • Outside the UK: The deposit is transferred to the default destination.
Insured UK deposits do not need an external transfer to a scheme. Custodial UK deposits do — see Transferring a custodial deposit.

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On return

When you return a deposit with Automatic transfers on, Yorlet transfers accepted charges to their destination owners. This only applies to UK insured deposits. If a charge has a destination, that owner receives the charged amount. If it does not, the amount is split across the unit’s owners according to each owner’s percentage ownership. The remaining balance is what you return to the tenant.
Custodial deposits are held by the scheme, so Yorlet does not create owner transfers when you return them. The scheme handles paying the tenant.