 Deposit only cards (by JEN [IL]) Jan 16, 2018 10:35 AM
 Deposit only cards (by S i d [MO]) Jan 16, 2018 10:48 AM
Deposit only cards (by JEN [IL]) Jan 16, 2018 11:26 AM
Deposit only cards (by Dave [IN]) Jan 16, 2018 11:31 AM
Deposit only cards (by Jeff [CO]) Jan 16, 2018 1:21 PM
Deposit only cards (by Landlord ofthe Flies [TX]) Jan 17, 2018 12:04 PM
Deposit only cards (by JEN [IL]) Posted on: Jan 16, 2018 10:35 AM
Message:
I was mulling over the idea of having my tenants pay the rent with deposit only ATM cards. BOA and Chase, I know offer these. There is a number assigned to each card and a pin number. You can get as many cards as you have tenants. If tenant loses a card, the bank charges $5.00 for a replacement. The only con I can see is partial payments being made. The pros would be that the tenants don't have to wait in line at the bank as with direct deposits, ATM machines are everywhere and the funds would show up in my account faster than by ACH. What are your thoughts? --67.199.xxx.xxx |
Deposit only cards (by S i d [MO]) Posted on: Jan 16, 2018 10:48 AM
Message:
What methods of payment do those allow: cash, personal check, debit card? The main area of risk I try to guard against is a bad payment (i.e. rubber check) or any scenario with claw backs. How do these payment only ATM cards work? Do they load them up with funds from somewhere else, or do they provide instant access to the tenant's checking account on a transaction by transaction basis? How does the dispute resolution process work, and what is the timeline?
Another reason I prefer cash, money order, or certified bank checks is there are no claw back provisions. You can claw back a credit card payment for up to 180 days after the transaction. Sure, the money will probably get back to you eventually once you go thru dispute resolution, but how suck-tacular would that be to wake up one morning and see 6 months of rent missing from the PO'd tenant you just evicted? --173.19.xx.xxx |
Deposit only cards (by JEN [IL]) Posted on: Jan 16, 2018 11:26 AM
Message:
The card works like any ATM deposit card. It identifies the card holder and the tenant can deposit cash, checks, etc. Their receipt won't even have my bank account number on it. This card is deposit only, no withdrawals can be made from my account. Don't know about the dispute resolutions. Haven't signed on to this, just inquiring. --67.199.xxx.xxx |
Deposit only cards (by Dave [IN]) Posted on: Jan 16, 2018 11:31 AM
Message:
I use deposit only cards with my tenants, and have very little trouble. The card allows the tenants to access my checking account through an ATM to make a deposit. They don't have any other access to my account.
Did you verify Chase will allow cash deposits by people not on the account? I previously used Chase, but left them when they said the tenant had to be on the account to make a cash payment or could deposit a check. I don't think I've ever had a tenant with a checking account. Few even have savings accounts. --132.244.xx.xxx |
Deposit only cards (by Jeff [CO]) Posted on: Jan 16, 2018 1:21 PM
Message:
JEN,
At first blush it sounds like a bad idea.
P.S. The "N" in "PIN" means "number" and the "M" in "ATM" means "machine." --76.120.xx.xxx |
Deposit only cards (by Landlord ofthe Flies [TX]) Posted on: Jan 17, 2018 12:04 PM
Message:
If you try this, make sure it's a new account that they have access to, and move money from that account each month.
What's wrong with a service like clear now withdrawing it from their checking account once per month? --108.69.xxx.xxx |
Reply:
|
|