Their reason for wanting to be there is of course safety (what if they come later and steal our stuff later) and I respect that but what is the effective way of handling this?

The one time I did supply them I had a tenant steal them.

To steal a line from Sue K.                 

1 a landlord try to force me not to use cash will go to court   2 i will never give my bank info to any landlord to many landlords are slumlords and crooks

If I may jump in to offer some insight from the "other side"....There are crooks in every profession to be sure.

If it's higher end area and your rent can support the increased rates then go for it and sell the white setThe issues I see overall are what happens if someone steals your 2k in ss appliances?

If a tenant does not have the money to pay on time they borrow the money from a friend (steal it if they have to) but they do not borrow it from their landlord.

Account Closed  Every apartment complex that is professionally managed in the US will NOT take cash... too much chance that managers steal it.. and debates about who paid eetc etc..

I have a similar problem ,  tenant was stealing electricty , they swapped out the smart meter , for a regular meter . ( idiots didnt realize the smart meter sends info back in real time )   So I now have a new tenant ready to sign the lease , but BGE wants to see the lease , BEFORE they turn on the electric . 

It doesn't mean they get to steal it.Take the cost out of the security deposit and let the tenant sue you.I smell a rat with the PM.