No, there have been several phases of deposit and fee.No, it is instantly. It would make you pay £5 for the card, then select an option to add money (of which the lowest was £5).
I am not quite convinced it is higher, I will have a look when I'm on the Tube next.
- In the very early days there was no deposit if you purchased a travelcard at the same time as the card.
- The first deposit was £3 and this was later increased to £5. The deposit was refunded when the card was surrendered.
- The £5 changed to a fee which was refunded as credit after a year if the card was still in use.
- The fee increased to £7 and became non-refundable.
- The fee increased to £10 and TfL stated that this would be reviewed every year.
- The fee increased to it's current level of £10.50