Dynamic Bank Account for collecting rent

[Umer M. Chaudhry]

Hello Guys,

Ideally, I want to set up one account with the tenants, however; be able to control which bank and account # that money ends up going to.

Reason: I am dealing with multiple banks for loans, HELOCs etc. I use all the surplus cash to payoff HELOC asap. Now, if the tenants are depositing rent in BOA, and I am in the process of paying off PNC HELOC, I have to wait till the money becomes available at BOA, then transfer it to PNC Checking, and then pay HELOC once it becomes available there. This not only adds 4-5 business days to the process but also have certain limitations e.g. limit on amount that can be transferred or check that can be deposited by mobile etc. Similar problems if I try to do it via check, or physically going to branch etc.

I also dont want to give new bank account to tenants every 6-8 months... would confuse them.

I was thinking if there could be one dynamic account that I can give to tenants, and control where/ which account that money eventually goes to.  I know there are some paid services available for rent collection, that add some other benefits to the mix as well, but is there any simple service available to achive this?  Any bank offers such account?

Thanks in advance for your help and support.