All Forum Posts by: Mark I.

bank size should match the business size

I disagree with @Thomas S. about money remaining the property of the tenant. A lease term can be for as long as you would like and a tenant is always responsible for paying for the term. You do not have to make it a monthly collection, you could make it payment due immediately upfront, monthly, quarterly, at the end of the term, etc. Unfortunately the argument that it remains the tenants property until used would mean that when a landlord collected a month's rent they could only use all of it once the month was up. That is not the case.

To me it is no different than if somebody damages my car. If they hit my fender and damage it to the point where needs to be repainted they are not responsible for just the area of damage that needs to be repainted, they are also responsible for the cost of repainting the entire fender to match the rest of the car.  this does not mean they're responsible for repainting the entire car. 

You're welcome. As @Paul Ronto  indicated these micro deposits are in fact used for ach transfers but for two-way. You can one-way ach transfer into any account but to prevent fraud (and potential liability) many companies require you to verify the micro deposit amounts before they will withdraw money from an external account. The reality is you can withdraw from an account without having to verify it, utility companies use this method all the time, you just need to sign an ach authorization.

yes, that can be used by her as "proof" that the account is hers and therefore she can initiate withdrawals from it

Tell her to use the bill pay feature of her account instead

This method is used by one of my banks to ensure the account is mine to authorize WITHDRAWALS. I would not disclose the small amounts to her if I were you.

Thanks for sharing that information @Steven McAdoo. From my brief experience on BP it seems almost like they are anti-promotion of particular businesses but sharing information like that is very helpful to the community.

@Andrew Johnson I guess I can see it from that perspective but that means funding for homes in areas where the common prices are under $50k (perfectly habitable properties) must be difficult, even for OO use.

I guess my annoyance is I can take $40k and put down for a $200k house, why can't I use $40k towards $200k worth of $40k houses?

@Calvin Thomas Landing page states minimum loan amount is $60,000 but thanks!