A place in line is held from the moment your $50.00 deposit settles, and not before. The deposit is not refundable, and it is applied to your initial fee when you join.
You can pay the deposit by card or from a bank account. A bank payment takes about 4 business days to clear, and your place in line is set when it clears, so someone who pays by card after you may be placed ahead of you.
When your turn comes the club invites you by email and you will have 4 days to answer. Your entry closes if that day passes without an answer.