Online Rent Collection, 5 days pending. LATE Fee?

[Wes L.]

Should I charge a late fee even though the online bank draft tool says they sent rent two days prior to due date?   Most tools give a 5-7 business day window.  Last month funds didn't hit till the 7th and rent is due on the 1st.  Thanks.  

[Malcomb Stapel]

Quote from @Wes L.:

Should I charge a late fee even though the online bank draft tool says they sent rent two days prior to due date?   Most tools give a 5-7 business day window.  Last month funds didn't hit till the 7th and rent is due on the 1st.  Thanks.  

 In their mind, they paid you before the due date. It's somewhat out of their hands if the bank is taking time to process the transaction. If it's an issue where you need the money sooner, you might consider bumping the due date by a few more days. Pretty much the same as when a transaction goes through my PM. They receive the payment a few days before it gets deposited to my account.