Is the Rent On time or Late?

[Shawn Dandridge]

I've been having a discussion with some friends on FaceBook about when rent is late. I use Cozy for rent collection for my Maryland property. My tenant didn't start the Cozy transfer until today, October 1st. My FB friends said since she started the transfer on the first, the rent is not late. I said, the funds aren't in my account and there is no promise that the transaction will go thru so therefore I constitute the rent being late. I'm curious to hear from you guys your perspective on this.