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NoNonsenseLandlord

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Posts: 178
Reply with quote  #16 
It's pretty easy to use Quicken to generate an invoice.  Then, renters can pay automated via PayPal, BillPay, pop money, snail mail, etc.

I would never let a tenant have a deposit slip for my personal account.  I do not know of any tenant who would want to make a special trip to the bank each month.

Keep it simple.  There are many ways to get direct deposit.  If you had 24 renters, you would have trouble keeping track with a separate account for each.  And in one account you would not know who made the deposits.

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BritneyR

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Posts: 232
Reply with quote  #17 
I agree with Jameseagle2006  You should always have a separate bank account for each unit you rent or you can also opt for the online rent payment options. Most rental companies offer this service now.
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RedFord150

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Posts: 126
Reply with quote  #18 
My rental is 90 miles away and tenant has no checking account. She would go to Post Office every month and buy a Money Order with cash and put that M.O. in the mail and I get it a few days later.

My bank has a branch that is just as close to my rental as the Post Office. I contacted my bank and asked how tenant could deposit cash into my account. They only need the name and account number for a cash deposit. No deposit slip is necessary. The bank will only accept cash from a 3rd party. The tenant was happy with the arrangement. She saves the M.O. fee and I get the money instantly. No delays.

If I serve a 3 day notice and she deposits a partial payment, I can refund that partial via certified mail and 3 day notice stays in effect. This is the law in CA.

Tenant and others can get your checking account number very easily. If you have ever given them a check or deposited a personal check into your account, that person has your account number. Your check has that account number and any item deposited into your account (like a canceled check) has your account number.

The only thing I would change is I would give my tenant my savings account number, not my checking account number. Is a lot harder too get money out of a savings account, but I can transfer on-line into my checking very easily. Checking and savings are same bank.

Different methods work for different situations. No one answer is good or bad for everybody.
undergroundlandlord

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Posts: 13
Reply with quote  #19 
I have used this system for my rentals that are further away as well. In my state at least I do not think a magistrate would allow someone to keep putting money into this account and allow that to count as a partial payment. I also believe I could include a clause in the initial lease automatically rejecting partial payments of any type. I have mine in separate accounts per property and only maintain the balance to keep the account open in each account until rent day. I have no issue with my tenant knowing i have $25.00. My bank allows me to label my accounts so each account is nicknamed by the property address which makes it easy to know which properties paid and which properties did not. 


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