So I was recently admitted to my second choice school as a transfer, yet my first choice school’s decision comes out after the second choice notification deadline. Can I just deposit at my second choice and reply yes to their enrollment and if I get into the first choice I tell them I will no longer attend?
Yes. Do that.
If you get into your first choice, you can tell the other place that your plans have changed, and you won’t be coming. You will probably lose your deposit, but that is a small price to pay when you think of it!