6 days after the rent autodraft Buildium showed the ELT was successful so I started to transfer it to the appropriate account. Thankfully I was distracted (squirrel!) and did not do it.

On day 7!! Buildium tells us it bounced. 7.

In today's electronic age, you would think the funds could be verified - and transferred - almost immediately.

Yeah I'm blaming the banks, not Buildium. Just read an article about how banks make billions with a b just holding our money 1 extra day, or holding info like NSF one extra day, etc.

It is it is Buildiums internal bank partner then. The funds were to go to the operating account in buildium but was told it would take till the 12th to clear.

That is a long time to not know what is going on.

Have only had one NSF thru my system (Innago). It hit before I moved anything. Maybe it hit before they deposited it, I do not recall now.

Definitely a bank policy issue, not Buildium per se. My previous bank where I had ACH set up would sometimes take 5+ days to bounce a transaction, but then some would bounce in 3. It's always determine by the payee's bank policy of when the transaction "settled". It depends on when the payment is due. If paid on a Friday, it starts process the next bank day (Monday)... or sometimes later if Money is a holiday. Then it funds the NEXT day, so a payment made on Friday may not get to me until the following Tuesday or Wednesday. Then if it bounces, it's usually within 3 business day (so Friday). Yep... about 7 days round trip from payment to bounce depending on weekends and holidays.

I agree you should be able to settle the transaction immediately without all the shenanigans. Online services like PayPal are able to do it. Wire transfers are able to do it. It may be due to "consumer protection" delays. I don't know really. But that is another thing I like about commercial properties: most of my folks pay out of business checking accounts, and the hold times are much less. 1-2 days usually. It's assumed if you're running a business, you're keeping a closer eye on it, and you don't get all the consumer protections.

If money comes through on a Friday, it's not processed until Monday night after midnight, you are right SID.

WMH is right. Banks are banks. Things happen. 99% of the time it goes fine, and the convenience it adds is tremendous.

I used to drive around and pick up rent each month at each door. And there was a glorious simplicity to that... if I could catch them at home and they'd answer the door!

My beef is they say in green EFT PAYMENT SUCCESSFUL when they should say EFT IN PROGRESS. Sometimes it does say EFT PENDING.

Residents text in "My account shows you did not take out my rent". Gotta take time to send a response each time.

****

Got the skinny from Buildium.

Our draft is set for Friday. B processes our "request" Friday night, after business hours.

NOTHING happens on Sat or Sun (because computers need ME TIME on the weekends :) so it goes nowhere until Mon.

The money is on HOLD for one day - Monday.

(They changed processors so this has been shorten to ONE day, down from 3 days)

The draft to THEIR bank actually happens on Tuesday.

Then the money hits OUR bank on Tues or Wed.

If their bank bounces it, they email us Wed or Thurs NIGHT.

We see the email Thurs morning.

****

Now what? We are changing the due date to Thurs so Fri is the HOLD day. We now know on Monday.

BRAD

con't..

The Thursday draft does not hit the res' account until Monday, so we're OK on their paycheck dates.

We are testing to draft Fri's rent on Wed so Turs is the HOLD day and the draft hits the res' bank on Fri.

This was sooo much simpler when we did it on paper.

BRAD

...If you keep your money in a bank or in the stock market - anywhere but your mattress - there's a third party in the middle...

Of course I understand that but this thread is about yet another company (doesn't matter which one, buildium, zelle, cash app, whatever else exists) inserting itself into the mix. I have no problems with checks or tenants making direct deposits to my account. Quick and easy and should there be a problem, I am not waiting for yet someone else to tell me or wait for their systems to work through the problem.

Guess that's another good reason to have the rents spread out thru the month.

Ken and Zero, It wasn't the rent collection company. One of the underlying companies in the transaction chain went bankrupt, and funds in transit in the bankrupt company's accounts were seized. There are not bank protections with fintech companies.

The rent collection company quickly switched to using a local bank as their merchant services provider. They were eventually bought out by a competitor. I have never been able to get answers from other companies as to their safeguards against that situation.

Checks are fine if you deal with primarily folks in their 50's.

My kids are 50 and younger and I would bet they don't have a clue where their checkbooks are, if they have one. My youngest - 36 - has never owned one. The very very very few times he's needed one - such as to buy a house - he got a bank check.

My bank stopped taking cash or money orders a few years ago at least - if you are not an owner on the account, you can't deposit so-called 'untraceable' funds.

So I started Venmo, Cash App...but their tax reporting and fees are abysmal to say the least. Zelle is best but not all could make it work in the necessary amounts. So I was tracking multiple smaller payments monthly.

As we grew we needed a better solution.

MY bank holds every live deposit for at least 24 hours before we can access it.

My complaint is B says it went thru before it went thru. Misleading.

We require AUTODRAFT for the last 100 years :) My life is sooo much better not HOPING they decide to pay the rent.

They don't have to REMEMBER, BE IN TOWN, PAY FOR MONEY ORDER, REMEMBER A PASSWORD, WAIT FOR 2STEP VERIFICATION....

It just comes out automatically.

People LOVE IT!!

MY bank holds every live deposit for at least 24 hours before we can access it.

My complaint is B says it went thru before it went thru. Misleading.

We require AUTODRAFT for the last 100 years :) My life is sooo much better not HOPING they decide to pay the rent.

They don't have to REMEMBER, BE IN TOWN, PAY FOR MONEY ORDER, REMEMBER A PASSWORD, WAIT FOR 2STEP VERIFICATION....

It just comes out automatically.

People LOVE IT!!