Enrollment deposit - is there a catch?

So basically what's happened is that this college is telling me that if I put in an enrollment deposit, basically saying "hey I'm gonna go here", I can still refund it between May 1st to May 5th.

But like... I feel like this is too easy. I can just change my mind and switch to a different college with no consequences? Would this affect my current pending applications? What's the big idea?