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samhoff

Registered: 06/06/07
Posts: 7
Reply with quote  #1 
I have a slip with my account number on it, the amount and date due, and give them to the renters: 6 per page, one year fits on 2 pages.  When the rent is due they take the slip with the money to the bank (or mail it in) and I can see online when it shows up.

Of course, it helps that this is a small-town bank and I trust them.  But I can't imagine why more people don't do this: it's a pain for me to have to handle the money if they mail it to me, and my way I can still see right when it shows up.  It is a separate checking account from my personal one.

For what it's worth,

Sam

koseefowokan

Registered: 05/07/12
Posts: 1
Reply with quote  #2 
I like that idea and I have considered it before, however when I used to have my TD Bank account and deposited money into it, even at a branch I didn't frequently go to, I would sometimes receive the balance on my deposit slip. Usually, tellers ask whether I want the balance but I was shocked that I received the balance automatically without the teller verifying who I was. You may be right in that smaller banks may be more trustworthy. 
OHlandlord

Registered: 01/20/07
Posts: 3,537
Reply with quote  #3 

So the tenant deposits rent into your account and gets YOUR account balance!?!!!  I don't like that idea at all.  I don't want any tenant having any access to my accounts.  The only way I would do this is if the tenant deposits rent only into a special account that holds only his rent (which I then transfer into my personal account). 

Marytmary1978

Registered: 12/09/11
Posts: 447
Reply with quote  #4 

We do this with a couple of our tenants-  with the commercial account no balance shows with deposits- so no worry there.

j_dumas

Registered: 05/08/12
Posts: 5
Reply with quote  #5 
This is akin to automatic online bill payment.  I use Bank of America, and my tenant has his account automatically transfer over the rent amount every month to my account. (Note that he does NOT get to see my balance).  This makes life easier for everyone. I highly recommend y'all call your banks and look into it!
OHlandlord

Registered: 01/20/07
Posts: 3,537
Reply with quote  #6 

I have tried automatic bill payment, and with the tenant using on-line banking.  I much prefer the automatic transfer.  I have found that with the on-line, often it simply means the bank issues the check for the tenant and mails it to us.  We don't always get the check on time, even when the tenant asks the bank to issue it a few days early.

wekebu

Registered: 04/03/12
Posts: 9
Reply with quote  #7 
I have toyed with this idea, but had someone mention that this would allow someone to make partial payments.

Any other down side to this method of payment?
amygarside

Registered: 04/24/12
Posts: 28
Reply with quote  #8 
This sounds like a good idea. I might try to have this kind of payment with my tenants.
Wyndesor

Registered: 08/10/12
Posts: 2
Reply with quote  #9 
In regards to the checking account. Let me get this right:
1)They get your account number
2)They are members of your bank so they already have the routing number?

Makes it pretty easy to do a check online, or by phone don't you think? I know you live in a small town, but that doesn't mean that criminals don't live there as well.
OHlandlord

Registered: 01/20/07
Posts: 3,537
Reply with quote  #10 
Yes, this can allow a tenant to only make partial payments.  You would be unable to evict because you have already accepted the payment by allowing them to deposit it.  They can stop any eviction hearing by simply depositing some money into your account.

There is the chance that a tenant could access your bank account if they receive an actual deposit slip or account number.  (Any bank will give you their routing number if you just call and ask for it!)  Even if they only receive a slip (account number) to an account only they deposit money into, they can use online check pay to spend that money or overdraw that account - for which you would be held accountable.  Remember, it is your account so you are responsible for any overdraws.
Rosy

Registered: 10/02/12
Posts: 5
Reply with quote  #11 
I agree with many ideas in this thread but in my opinion a tenant should deposit his monthly rent in the land lord's account every month by the due date and there should be a penalty after that date.
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ernestinedalarva

Registered: 10/12/12
Posts: 1
Reply with quote  #12 
It's better it give money directly to landlord than any online transaction. And the paper should be legally signed by the landlord after every payment.
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johnsmarty

Registered: 05/04/13
Posts: 4
Reply with quote  #13 
Well I just check another sevice that allows you to send money online, called FundFone. I think their costs are $19.95 to send one hundred dollars instantly, which actually land in the users bank account.


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NoNonsenseLandlord

Registered: 07/12
Posts: 33
Reply with quote  #14 
I would never let my tenants have my account number.  If I was a tenant, there is no way I would make a special trip to a bank to pay the rent.

PayPal, BillPay, etc. are all much easier, and modern methods.

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