All Forum Posts by: Jessica H.

Thanks @Amber Matas and @Greg Scott for the clarification. MoneyGram is an option.  I'm leaning towards depositing to the bank if they insist on paying in cash. :)

Jessica

Wow! MoneyGram sounds interesting! Their fees to send are high though... over $25 using their Estimate Fees tool. Do your tenants have no problem paying that fee @Greg Scott, @Amber Matas?

@Jean H. - I will be setting up a Cozy.co account until I'm able to find another service whose transfer money time is shorter. :) Do you use a saving account or checking account at Chase? I looked at their fees and to avoid paying monthly fees you have to have $300 daily balance for savings. The min. daily balance is higher for checking accounts.

Thanks!
Jessica

Thanks guys! I definitely want to move away from cash. But for now, I need to work something out for the existing tenant I've inherited. It sounds like the following are safer options:

- Money orders + deposit slips (or mail). Per @Michaela G., Wells Fargo accepts cash deposits. BofA doesn't anymore they told me by phone yesterday. (Thanks @Greg Scott)

- Deposit only ATM cards. What major banks offer these? Wells Fargo? Chase? (Thanks @Scott L.)

For online payment, I'm looking into Cozy.co, @Jordan Moorhead. Are there other services like Cozy that transfer money to your account faster?

Thanks,

Jessica

Hi everyone! I'm so happy to be posting for the first time here at BP! I'm a long time podcast-listener and have been reading the forums and blog posts for a while. Also, I'd like to share that I'm closing on my first rental property (duplex)! I'm signing the final loan docs tomorrow!! :)

Here's my challenge I'd love to get your feedback on. I'm trying to figure out the best way to collect rent for tenants who don't have bank accounts and want to pay in cash. Here's my specific situation:

• I inherited a tenant from the sale and she pays only in cash
• The property is 2+ hours from where I live so collecting in person is not doable
• I'm going to be managing the property myself (I'd like to learn more about this)
• The property is in a C neighborhood so I won't be putting a rental box to collect monies

I looked into PayNearMe but that's not available to me since I only have one property. It looks like the only option I have is to open a bank account and give them my bank account # to make deposits in person. Is there anything else I can look into? Or, any precautions I should take regarding the bank deposit solution?

Thanks so much in advance! 

Jessica 

P.S. I've reached out to PayLease to see how much their services are but I have to be careful on expenses to keep a positive cash flow.