When does cozy withdrawal from TENANT'S account?

6 Replies

Hello,

I am new to using rent collection on Cozy. I know I am supposed to receive the rent in about 5 business days but does any know when the money is actually withdrawn from the TENANT'S checking account? It is the 2nd and my tenants contacted me saying that it hasn't been withdrawn yet. On the cozy website the payment says the balance is zero and the payment is processing. Any additional information would be appreciated, thanks!

-Justin

I've used cozy for years now.  I'm not 100% sure, but it seems like it comes out on the day before you get it.  So, if you've been told 5 days, expect it to be pulled at day 4.  

Originally posted by @Ryan B. :

I've used cozy for years now.  I'm not 100% sure, but it seems like it comes out on the day before you get it.  So, if you've been told 5 days, expect it to be pulled at day 4.  

 Great, thanks!

I assumed Cozy took it on day 1, held it in their account for 4 days (earning short term interest) and then depositing it in mine on day 5-6.  At least that was my assumption and it made sense for how they could offer such a great web portal for free.  They have to be making money somewhere.