Automatic deposit.

3 Replies

Do you guys use auto deposit with your tenants? We have one couple that are great no issues and money is deposit in account sometimes on the 30th. Our other tenant first said could get to work then I had to picked up check, which was fine. This month they decided to use auto deposit, which is great but he deposited on the 30th supposedly. As of 2am it still is not in the account.

Questions:

How long does it usually take to receive money? Is it different bank to bank.

If it doesn't go in today the 1st do I charge them late fee. Could be banking?

I don't want to be the " mean landlord " but do not want to be taking advantage of either.

If it is solely the tenants fault because of time frame should I say you need to deposit day earlier to make sure we get it on time.

@Chris Sukala - It depends on what system they use.  Sometimes it is a few hours, sometimes it is 3-5 days.  You will have to talk with the tenant about expectations if you want the money in your account on the 1st.

I personally let them send it on the first and don't count that as late

Banks and popmoney.com holds the funds for 3 days (it's called float) and that allows the free service.  As mentioned above, I get notice of the transaction and then ignore the actual deposit date.

@Brie Schmidt  thanks. That was my opinion also. 

NA Beard I figured that was the case. It's bank to bank. We had them go to their bank with a voided business check for the account number. 

i will have to talk to them about time frame. make sure they give the bank time to process.