What should i do if my property manager reports NSF reversal on

Question

What should i do if my property manager reports NSF reversal on my monthly statement? Does the tenant have to pay penalty, and if so, who does the penalty goes to?

Nathan Gesner · Answer

Talk to your property manager because they are the only one that can answer this.

My lease states the tenant will be charged for any banking fees and late fees caused by an NSF payment. If they pay on the 3rd but the payment is reversed on the 10th, I charge them the NSF fee (mine is $50 but the bank charges $25) and I charge them late fees because now their payment is overdue. I give them 72 hours to make good on the entire amount or I start the eviction process.

Drew Sygit · Answer

Be sure you understand what will happen if the tenant refuses to pay NSF fees or any other fees for that matter.

In our property management contract it states we charge the owner, then reimburse them once the tenant pays.

Nana Sibo · Answer

Thanks, everyone for your response. Well appreciated.

Filipe Pereira · Answer

This is a question for your property management contract and lease documents @Nana Sibo.

If this is a repeat offense for this particular tenant, it might be time to remove the option of personal check from their payment options. If a tenant sends us multiple bad checks we require them to pay us via money order or cashier's check moving forward.

What should i do if my property manager reports NSF reversal on

What should i do if my property manager reports NSF reversal on

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