what banks do deposit onlyc accounts?

Question

Jason Rutledge · Answer

I have them go to my bank and make a deposit into one of my accounts.   Never had a problem with someone trying to get money out.

I know chase will issue a deposit only card.  I have never given them a card,  just have them walk in with the account number and make the deposit.

Done!

Bryan L. · Answer

I've been accepting rental payments for years this way.  Basically, I use two methods.

1.  Set up two accounts at a bank of your choice that has a good online banking.  Give your renters the account number to one of the accounts, but not the other.  Have them make the rent deposit into the first account.  Then, go online and do a transfer into the other.

2.  Set up only one account and get checks for yourself.  Give the account number to the renter so they can make deposits.  Then transfer the money to another bank by writing yourself a check and depositing in the other bank.

I've never had any problem with anyone making a withdrawal out of the "receive rent" account.  Just don't leave much money in there.  Tell them to write their name or address on the deposit slip and you can then have multiple renters making deposits to the same account, especially if you can "see" a copy of the deposit slip with your on-line banking.

Michael M. · Answer

@Victor Leon

As far as I the research I conducted in this area, Bank of America issues deposit only ATM cards, which I intend on using for their convenient locations and all that. Also, they require less of a minimum balance as opposed to JP Morgan Chase & Wells Fargo.

I'm not too sure if Credit Unions do this, but I'm all ears for any additional input regarding each and every alternative.

-Michael