Weekly direct deposits

[Gina C.]

Hello, I am new to Bigger Pockets but I've been a landlord in CT for over 25 years.

Over the last 2 years I have required (on my lease) that my tenants pay via direct deposit into my bank account. I have never had a late payment since. I would like to continue having my tenants pay weekly but do not want them to have my bank info. I also want an easy way to stop accepting payments from them. I wanted to start using Cozy.co but they are set up for monthly payments. Is there another way to set up weekly payments of tenants?

Thanks in advance

[Filipe Pereira]

Originally posted by @Gina C.:

Hello, I am new to Bigger Pockets but I've been a landlord in CT for over 25 years.

Over the last 2 years I have required (on my lease) that my tenants pay via direct deposit into my bank account. I have never had a late payment since. I would like to continue having my tenants pay weekly but do not want them to have my bank info. I also want an easy way to stop accepting payments from them. I wanted to start using Cozy.co but they are set up for monthly payments. Is there another way to set up weekly payments of tenants?

Thanks in advance

Hi there, we currently use cozy across our property management portfolio and highly recommend that. While cozy doesn't necessarily offer weekly recurring automatic payments, it does allow tenants to make manual payments at whatever interval they'd like. You can also cut them off in the payment settings.

That being said, requiring that tenants pay online is against the law in Connecticut, and you have to offer them another option (like mailing in the rent). 

Let me know if you have any other Cozy related questions! Happy to give them a shot. 

May 2020 be your best year yet!