Rent Collections

[Pearline Hardy]

Does anyone have their tenants deposit their rent directly at the bank? I usually either pick up the rent from their mailbox or they use the online payment service.  Well I have tenant who doesn't have a bank account and just uses money orders so I've been picking it up. Well last month "she said" her rent was stolen from the mailbox. So now I'm thinking of an alternative.  My sister in law said they just go to the landlord's bank and deposit it. Although they cant withdraw without ID, it sort of makes me nervous knowing they will have my account number. Any thoughts?

[JD Martin]

My tenants deposit directly. My bank pre-prints deposit slips that I give them to deposit directly into the account. Whether they have the account number or not makes no difference, they're not going to be able to withdraw funds without providing identification. Besides, I transfer funds out to another account once the rent has been deposited. Besides, having the account number is overrated. Every time you write a check to anyone, for anything, they have your account number. Anyone goes to a window or drive-through with a deposit slip, they are going to be on camera. You're not going to be liable for fraud.  

I do not accept rent payments by mail or in person except for first month and deposit. After that it is either deposit direct into my account or use erentpayment.com , and this is written into the leases.