Tracking Rent Payment made by Tenant in a Bank

9 Replies

I've heard of landlords who give their tenants deposit slips so the tenant can pay directly into a bank.

If I have two tenants, both with the same rent (let's say $1200), how do I know who paid and who didn't if I see one transaction for $1200?

I would make one of them have slightly different rent. Maybe $1195, or something like that. In the meantime, have your tenants text you a copy of the deposit receipt.

Originally posted by @David H. :

I've heard of landlords who give their tenants deposit slips so the tenant can pay directly into a bank.

If I have two tenants, both with the same rent (let's say $1200), how do I know who paid and who didn't if I see one transaction for $1200?

 Are your tenants comfortable with the Internet?  PayPal or another online service will show you who paid.  My daughter's tenant paid her through PayPal.  The only down side with PayPal is it can take a few days to transfer the funds to your bank account.  

Anyway, you might want to check out the online payment options, which would always show who paid you.

I have some of my tenants pay directly into my account.   (They wernt comfortable using erentpayment.com like my other tenants.)  I had them sign an addendum to the lease that states they will deposit the money and then send a picture via text or email with the receipt from the bank.  They are also to keep the hard copy on file of the receipt incase there is any question.   So far no problems and the tenant loves it. 

@David H. said. Secondly, I have the tenant write their address on the deposit slip. With my bank (Chase), the deposit slip is actually scanned and uploaded to my account, so I can just look at the deposit slip to see whose address is on it if there is ever any question. 

Just have deposit slips made out with the property street listed under your name.  I bank with Wells Fargo and can view the deposit slip on line.

I have an account for each property and don't have your problem.  Also if you have a business account Wells Fargo will issue debit cards that are deposit only. 

Depending on your bank you should be able to see the deposit slip on your online statement, for free (you can do this at my bank). That's the easiest way imo. 

You could also do separate accounts for each property. 

@Kyle J. ...Ditto...amounts vary, but give each tenant (6)pre printed deposit slips with prop address.  I verify online.  

interesting that you can view deposit slips online. I asked two banks, and all they have is "customer deposit" in the GL. I'll check with Chase.

Chase offers a free service called chase quick pay.  Its a free version of paypal if you will.  you can send money to whoever and receive money from whoever at no cost.  You can even send out requests for money the last day of the month or any day, all the tenant has to do is click the link and send the transfer.  It also keeps track of the history and who you recieved the money from.  Its a beautiful thing really. That is what I use for collecting rent.  Its really a no brainer to use considering it does everything I need and its free as long as youre a chase customer.

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