Rent payment method requirements?

4 Replies

Hello,

I prefer electronic debit for rental payments. A new tenant has indicated initially that he would prefer to have his bank send me a check. 

The payment process I prefer is specified in the lease agreement.

Can I require that the tenant use direct debit depositing?

I don't want to make a big deal out of it, because I know they will be good tenants, but I do have processes that I would like adhered to in our relationship.

Stick your your lease agreement.  If you compromise with him on this matter, what else will he want you to do?  This is YOUR business, your rules, your policies.  

Too bad so sad.  Tenant must pay your way!  End of Story!

Nancy Neville

The lease should stand.  Maybe talk about what his concerns are with your method, is he worried you will accidentally draft too much? Or that the money won't be in the account the day it is supposed to be paid?  If this is someone you are willing to work with, charge a fee for collecting rent in another manner.

I wouldn't boot a good tenant, or a paycheck, just to stick to my guns. The goal here is income so I really don't care how to gets to me. That's my personal preference though. 

If his bank sends you a check, on the correct date. You should be able to deposit it from your phone the same day. Pretty easy all things considered. Just make sure he knows you're to RECEIVE your check on the due date and that it's not ok for the bank to SEND your check on the due date.