Deposit Only ATM cards - Suggestions?

[Thomas Sherlock]

Heard Wells Fargo and Bank of America offer deposit only cards.  Went to both banks, nobody knew what I was talking about.  Heard Chase did offer, but discontinued.  Went into Chase, they said "sure, we do that!"  Chase requires business account, cards are free.   Cards would have (tenant) name on card, can be used to deposit money, check, money order.  Anyone doing this?  Suggestions?  Comments?

[Curtis Waters]

Deposit only cards are available from Wells Fargo and PNC.  But Bank of America has the most business friendly program.  You can get cards with Tenant Names or addresses, and these report on your online view with the name you put on the cards.  I put tenant address numbers as the PIN.

Experiences I have had with Wells Fargo and that others have had with PNC is that you can't easily define what tenant made a deposit.  At BoA the tenant receives a time stamped deposit receipt.

These were originally designed for businesses that needed to allow after hours deposits.  The cards were to be given to employees for deposits only (no withdrawals possible).  Was great for franchise businesses like pizza, retail, etc.  Deposits could be made at any time and allows the business not to have cash or checks kept at the location until the owner could go to the bank.

My business banker in Charlotte reports that she advises new real estate investors with tenants to use these cards.  Note  - when you receive the card make sure the side says "Business Deposit Card".

Not all folks at all branches will know about these cards.  Ask to speak specifically with a business banker (as these cards deposit into a business account).  You should also show them the site on your phone if that helps - Business cards - look at the bottom of the page