Transfer Deadline for Deposit

As a transfer student, I was accepted into my second choice college. I am still waiting to hear from my top choice, which announces its decisions in Mid-May. The problem is that the enrollment deposit deadline for my second choice is May 1st.

What should I do in this situation? I am worried that I will not submit my deposit for the second choice and then get denied from my top choice and be left with nothing. Or should I submit the deposit to my second choice and, if accepted to the top choice, just notify the second choice that I won’t be attending? Has anyone else ever been in a similar situation?

Thank you for your responses and help!