Real Estate Agent · Thiensville, WI · Member since 2015 · 37 posts · 3 votes
How does it work to have tenants deposit directly into your bank account? There is a new law that they have to show ID and SSN? Most of our tenants are Hispanic and do not have ID or SSN. Is there a way to get around that?
@Jon Holdman@Ronan M. the issue with chase that Jon mentioned they stopped allowing cash deposits only applies to personal accounts not business accounts.
I had a tenant deposit cash today into my chase business account no problem at all.
Btw I believe this is now the rule for all banks related to personal accounts.
Just to add a monkey wrench- I think there is another risk here. What if you (heaven forbid) need to start an eviction for non-payment, and someone deposits a small amount in your account? You have just "accepted" a partial payment, and started the clock again on the eviction process. Getting a third party system in the middle might be worthwhile. The owner of the place I'm buying has been using cozy.co. Maybe something like that would help protect you. good luck!
I use Bank of America .. and I give my tenants Deposit only card that go right into my business account.. Each tenants card number is different.. so it easy to keep track of who pays.. even if you have multiple tenants with the same monthly rent..
I think there is a limit but I only have a few that pay cash. Make sure you ask for a deposit only card because that does not show balance on deposit, just the deposit. I got another card that I could set limits on but that is really for people who you also want to do withdrawals , like a partner.