My Banking Info on Lease for Direct Deposit?

[Cedric Van Duyn]

My question is whether it is a good idea to give my Tenants my Business Banking Information (Name, Account # & Routing #) so that they can make Direct Deposits and Online Payments directly into my Bank Account. I find this more convenient than collecting checks, but not everyone is ready to use a purely 100% online system yet. (The concern is potential Identity Theft – am I exposing myself to this possibility?)

Any other helpful solutions for Rent Payments? Thank you so much for any direction!

[Sarah W.]

Cedric for the past 8yrs, I have used the same method. I gave my tenants deposit slips which only has routing and account number on them. My bank does not provide the tenants any personal information or my account information. I have given permission for online transactions. Hope this helps.