TENANT DEPOSITS CHECK
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TENANT DEPOSITS CHECK (by GKARL [PA]) Jun 19, 2019 3:15 PM
       TENANT DEPOSITS CHECK (by John... [MI]) Jun 19, 2019 3:24 PM
       TENANT DEPOSITS CHECK (by WMH [NC]) Jun 19, 2019 4:07 PM
       TENANT DEPOSITS CHECK (by GKARL [PA]) Jun 19, 2019 4:39 PM
       TENANT DEPOSITS CHECK (by GKARL [PA]) Jun 19, 2019 4:58 PM
       TENANT DEPOSITS CHECK (by Lynx [GA]) Jun 19, 2019 5:45 PM
       TENANT DEPOSITS CHECK (by razorback_tim [AR]) Jun 19, 2019 6:04 PM
       TENANT DEPOSITS CHECK (by WMH [NC]) Jun 19, 2019 6:12 PM
       TENANT DEPOSITS CHECK (by GKARL [PA]) Jun 19, 2019 6:34 PM
       TENANT DEPOSITS CHECK (by Busy [WI]) Jun 19, 2019 6:49 PM
       TENANT DEPOSITS CHECK (by bet [MA]) Jun 19, 2019 7:11 PM
       TENANT DEPOSITS CHECK (by Barb [MO]) Jun 19, 2019 7:24 PM
       TENANT DEPOSITS CHECK (by Taz [CT]) Jun 19, 2019 7:27 PM
       TENANT DEPOSITS CHECK (by John... [MI]) Jun 19, 2019 8:10 PM
       TENANT DEPOSITS CHECK (by GKARL [PA]) Jun 19, 2019 8:46 PM
       TENANT DEPOSITS CHECK (by Bobby M [CO]) Jun 19, 2019 11:15 PM
       TENANT DEPOSITS CHECK (by John... [MI]) Jun 21, 2019 8:12 AM
       TENANT DEPOSITS CHECK (by BRAD 20,000 [IN]) Jun 22, 2019 12:23 AM
       TENANT DEPOSITS CHECK (by GKARL [PA]) Jun 22, 2019 3:19 PM

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TENANT DEPOSITS CHECK (by GKARL [PA]) Posted on: Jun 19, 2019 3:15 PM
Message:

I have all of the rooming house tenants depositing rents or using zelle or google pay. My requirements are that deposits be made in cash. I saw a deposit correction posted to the account today and upon calling the bank, it was determined that a tenant deposited a check with the numbers for 330 but wrote out "three hundred & 00/100", so they cleared it for the lesser amount. With this particular bank, I can't see the deposit slip, so I can't determine if they're making deposits by cash or check and would have never known save for this happening. I was wondering if the tenant did this deliberately, but those concerns were allayed by her depositing the shortage. When confronted with it, she tries to tell me she had no time to get cash and when told she can't use zelle or google pay, she "doesn't want her account exposed on the internet" (idiot, your account is already on the internet whether you use it or not). I told her that's fine, but if she doesn't want to use electronic means, you're going to have to inconvenience yourself withdrawing cash and depositing your rent.

I've decided to switch banks so I have access to the deposit slip and will wind up shutting this account down. This was a smaller bank with a branch in proximity to the rooming house, but their technology is lagging with no texting to alert me to deposits. I generally have to go on line to check. The other bank texts me immediately once a deposit is made and I have access to the deposit slip so I can see if it was made in cash. The last time a tenant check bounced on me, I didn't find out until a couple of weeks out, so I can't have them putting in checks and need a way to monitor.

--64.121.xxx.xxx




TENANT DEPOSITS CHECK (by John... [MI]) Posted on: Jun 19, 2019 3:24 PM
Message:

Whatever works for you. For me, I think it is weird to say that you don't accept checks and only take cash for in-person transactions. I mean, I do "cash only" for the first month and S/D, but then I tend to allow tenants to use checks (and then I'd probably stop that if they bounced one, but I haven't had that happen in my 15+ years so far actually).

In this case, it sounds like an honest mistake -- that she corrected right away. I certainly wouldn't make a huge deal about it, tell her that she can't write checks and more, and close the nearer bank to her so that it'll be more difficult for her to even deposit cash next time...

Seems a big move for a small mistake. But, again, whatever works for you.

- John...

--24.180.xxx.xxx




TENANT DEPOSITS CHECK (by WMH [NC]) Posted on: Jun 19, 2019 4:07 PM
Message:

My bank won't accept cash deposits by non-account owners. --50.82.xxx.xx




TENANT DEPOSITS CHECK (by GKARL [PA]) Posted on: Jun 19, 2019 4:39 PM
Message:

W, what bank is that? --172.58.xxx.xxx




TENANT DEPOSITS CHECK (by GKARL [PA]) Posted on: Jun 19, 2019 4:58 PM
Message:

John this gets down to the demographics of the tenant base. These are rooming house tenants and I'm not going to take a check from them. Actually I'm not going to take a check from any tenant at this point. The higher end tenants tend to use the electronic payments anyway, so why take the risk? --172.58.xxx.xxx




TENANT DEPOSITS CHECK (by Lynx [GA]) Posted on: Jun 19, 2019 5:45 PM
Message:

Wells Fargo accepted a $30 ck deposit and refused a $500 cash deposit the other day, when I tried to make these deposits into my son's acct. They said this was a new federal regulation as of about a yr ago. They said no ck deposits allowed because I'm not on his acct - apparently new terrorism reg. Reg not applicable to credit unions. I quit doing ACH drafts a few yrs ago for lower end tenants because an occasional bounced ck created too much trouble. Now I'm taking reg cks again, but if one or two bounce, they are required to pay by cashier's ck or money order. So far, so good. --99.122.xx.xxx




TENANT DEPOSITS CHECK (by razorback_tim [AR]) Posted on: Jun 19, 2019 6:04 PM
Message:

An example of why I only take payments via ACH. I encourage you to check into this method of payment. In regards to ACH returns, If someone's ACH bounces it's a $25 charge to the tenant vs the $5 charged by the bank plus late fee. But I find it's a rare occurrence. --70.178.x.xx




TENANT DEPOSITS CHECK (by WMH [NC]) Posted on: Jun 19, 2019 6:12 PM
Message:

GKarl, Wells Fargo and all the major banks I know of. --50.82.xxx.xx




TENANT DEPOSITS CHECK (by GKARL [PA]) Posted on: Jun 19, 2019 6:34 PM
Message:

I'm at PNC and they allow cash without a problem. I had a business account at my local bank where this tenant made her check deposit and cash hasn't been an issue there either. If they get to that point, the tenants will need to get a money order and then deposit it. I'm not taking checks. I really want them using google pay or Zelle.

The problem with checks and rooming house tenants is that it can take upwards to two weeks for a check to return unpaid. Tenant could pay by check, live out those two weeks and move leaving me short. They have the option of google pay and Zelle for convenience. If they don't want to do that, then they have to get the cash or money order. Before I had them begin depositing at the bank, I was only taking money orders in a collection box, so they had to do this anyway. --64.121.xxx.xxx




TENANT DEPOSITS CHECK (by Busy [WI]) Posted on: Jun 19, 2019 6:49 PM
Message:

My area has had a limit of 500 for about four years now. Perhaps banks had some latitude in when they had to implement this? Dunno....

A couple of tenants used to go to the bank, buy a Money order, and deposit that. Now, everybody has accounts, and uses either Zelle or Pop money ( US Bank) and whatever Wells Fargo calls theirs. But, I believe the money order deposit does still work. --172.58.xxx.xxx




TENANT DEPOSITS CHECK (by bet [MA]) Posted on: Jun 19, 2019 7:11 PM
Message:

Not legal to deposit cash in anyone's bank account anymore --73.227.xxx.xxx




TENANT DEPOSITS CHECK (by Barb [MO]) Posted on: Jun 19, 2019 7:24 PM
Message:

Strange. It seems legal here in my small town in Missouri.

I have a couple of unbanked who pay with cash. They work at Wal-Mart and get paid on a pay card. They draw out cash and use it to pay rent at my bank. --64.251.xxx.xxx




TENANT DEPOSITS CHECK (by Taz [CT]) Posted on: Jun 19, 2019 7:27 PM
Message:

Totally illegal to direct what kind of payment a tenant can use in CT. --32.211.xxx.xxx




TENANT DEPOSITS CHECK (by John... [MI]) Posted on: Jun 19, 2019 8:10 PM
Message:

I agree that it "gets down to the demographics of the tenant base." In MY experience, people that rent rooming houses tend to be towards the bottom when it comes to finances -- and most of the ones I see wouldn't even HAVE a checking account much less be able to do an ACH transfer. I'm kinda impressed that you have one that writes checks.

My lower-end tenants rent decent 2BR units for ~$500/month -- and I'd say at least half of them don't have a checking account. They often pay by getting a money order with cash and then mailing it to me.

So, again, more power to you if you can require ACH and it works for you -- even for a rooming house. It would not work in my area -- because they just don't have checking accounts.

- John...

--96.40.xx.xx




TENANT DEPOSITS CHECK (by GKARL [PA]) Posted on: Jun 19, 2019 8:46 PM
Message:

John:

Two bedroom renting for $ 500? That's amazing to me. A two bedroom in my area is nearly double that. Three of my rooming house tenant use Zelle or Google Pay. Everyone else deposits. Some get paid on a paycard, A few, like this lady, get direct deposit and have bank accounts. --209.122.xx.xxx




TENANT DEPOSITS CHECK (by Bobby M [CO]) Posted on: Jun 19, 2019 11:15 PM
Message:

We provide deposit slips to residents who prefer to pay directly at our bank instead of electronic deposit. Instructions to resident include writing their address on the deposit slip. Some banks, like ours, we can view the deposit slip so we know who made the deposit.

These days the national and local banks we use require ID to deposit cash into our own accounts, and refuse to deposit cash into someone else's accounts. Fed reg, I'm told. --67.164.xxx.xxx




TENANT DEPOSITS CHECK (by John... [MI]) Posted on: Jun 21, 2019 8:12 AM
Message:

GKARL: Yeah, in my area... Our 2BR/1BA 4-plexes rent for just under $500/month. This is in a smaller town. We have SFHs in the nearby college town and those rent for around $650-$700/month.

- John...

--24.180.xxx.xxx




TENANT DEPOSITS CHECK (by BRAD 20,000 [IN]) Posted on: Jun 22, 2019 12:23 AM
Message:

G,

Solved with one word: autodraft.

Gotta tease you - you are complaining about the banks not employing existing technology while using an outdated system of rent collection:)

Itís 2019. Stop waiting and hoping they will drop everything and decide to pay you rather than someone else. TAKE the money from their account.

BRAD

--73.102.xxx.xxx




TENANT DEPOSITS CHECK (by GKARL [PA]) Posted on: Jun 22, 2019 3:19 PM
Message:

Brad, I looked at Clearnow but it doesn't work with weekly rents IIRC and bi-weekly draft schedule doesn't line up with how I collect not to mention the delay on the deposits. I really prefer Zelle or google pay. --209.122.xx.xxx



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