Updated almost 7 years ago on . Most recent reply
Joint Bank Account Required To Send Rental Income
My wife and I have a rental property in Indiana that we have had for 18 years. We recently closed our joint bank account that the property manager sent ach transfers for rental income to. We provided our new bank account information to them to start sending ach wire transfers for our rental income payments to. They said that the account cannot be verified at a joint account (which we have had for many years). Well this has lead from one thing to another delaying our payments several weeks now. I don't really care that it has to be a joint account because it is but the fact that they are saying it cannot be verified is getting frustrating.
My whole question is do rental income payments have to be sent to a joint bank account and what laws and regulations are there requiring this?