Buildium Delay in Payment

[Alfred Litton]

Hi Folks, 

Our PM just forwarded an email from Buildium (who manages our EFT rent payments) saying that they will now impose a 3-day hold on all rents collected and deposited into our accounts.  Just curious if a.) this is happening industry-wide and b.) whether this is because they somehow think the electronic funds from renters are "no good".  Why would they need to hold rent payments from tenants for 3 days if it's electronic? Isn't electronic pretty much immediate so, therefore, no NSF risk?

[Ryan Swan]

I saw the same email and it's likely due to so many rent payments being called back for NSF (insufficient funds). Buildium's payment processor Forte uses ACH, which is not the same as a wire transfer. I've had tenant payments show up Buildium AND my bank, only to be recalled a few days later for NSF. I can only imagine how often this is happening in this current situation.