Investor · Los Osos, CA · Member since 2013 · 78 posts · 25 votes
Apparently, if you already have the cards they will still work, but you can't order any new ones. Just venting here because I built a plan for my new out-of-state property around this system and now I have to scramble to find a new way to accept payments without the hassle of checks, excuses, or cash. Having them go to a network of 24/7 nationwide ATM's was just too good to be true, I suppose.
Any other suggestions out there for similar services or banks that offer such a service with branches in both California and Michigan?
Set up a checking account at a bank near your rental. Give the tenants your account number and deposit slips. Set up on-line banking so you can see when the deposits have been made and cleared. Then write yourself a check from that account and deposit it in your home banking account.
Interesting. I did call Chase after receiving the cancellation letter, but didn't get that detailed explanation. That makes sense. I was told I could get ATM cards but they had to be associated with a specific person and they wanted their birthdate. That's possible, but a hassle every time you have a turnover. The rep did say I could configure these as deposit only, no other actions. I'm going to give the chase quickpay a shot before going down that
Regarding "I was told I could get ATM cards but they had to be associated with a specific person and they wanted their birthdate. That's possible, but a hassle every time you have a turnover." I'm missing something. If I apply for a new tenant with WF, I need to give the bank the new tenant's name. Their name is on the card. After 10 days or so I then get the card in the mail. I then mail the card (along with my company's agreement) to the tenant. The only 'process change' is giving the name and birthdate to the bank. That doesn't seem like a burden.
Deposit only is clearly the only way to go... if possible.
When Chase stopped offering the Deposit only ATM cards, PNC starting charging $15/month for them. I have accounts for each rental house with deposit only ATM cards and it works great! I've been doing this for almost 20 years and this has been the best solution by far. Now I plan on raising the rent to offset the costs. If the tenant does not want the additional cost they will have to setup a direct deposit. These are the only two options as far as I'm concerned. Rob if your houses are in Michigan, PNCs are plentiful.
I know this is an old thread but I'd thought I'd give a little update. At lease for us, Chase is now allowing these cards again. The only difference is, you just have to provide the name and DOB of the tenant, and the card is issued in their name. Still works though. We just started doing this now, so we will see how it goes. It is called an employee deposit only card.
As a sidebar note, Wells Fargo still provides Business Deposit Cards. Since my post 2 years ago, I've realized they don't care what name is on the card. In WF implementation, they don't care. It's all about the OWNER of the account (the business owner) and they don't monitor the depositor. The ID of the card identifies the depositor, regardless is it is a sub shop night shift manager or a depositing tenant.
So I just received a deposit only card from Chase to give to one of my tenants. Apparently the resumed distribution of these cards. They are called Employee Deposit Only cards
Heya! Sorry to revive an old thread. Anyone find a way to do it with Chase? I have this set up on BofA but would like to set it up on Chase as it's closer to some of my tenants. Thanks!