Home › Forums › Closed Forums › Buying and Selling RE › Pigglords – automatic rent payments into your bank account?
- This topic has 4 replies, 4 voices, and was last updated 8 years, 5 months ago by Coronita.
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December 4, 2015 at 3:49 PM #21792December 4, 2015 at 4:40 PM #791913CoronitaParticipant
Nope
December 4, 2015 at 5:00 PM #791917spdrunParticipantI had my previous tenant deposit checks into a bank down the street every month. I set up an account there just for the property.
December 5, 2015 at 12:16 PM #792027HatfieldParticipantMy tenants pay by paper check. For the last couple years I’ve been using MCFU’s mobile banking app to electronically deposit the rent check. Take a photo of the front and back of the check, and bam, done in under a minute.
I think having tenants do electronic deposit might look attractive if the rental unit was in a different city. Of if you had a whole bunch of rental units, though I suppose you’d still need to go through every month and figure out who’s paid and who hasn’t.
December 5, 2015 at 12:40 PM #792029CoronitaParticipant[quote=Hatfield]My tenants pay by paper check. For the last couple years I’ve been using MCFU’s mobile banking app to electronically deposit the rent check. Take a photo of the front and back of the check, and bam, done in under a minute.
I think having tenants do electronic deposit might look attractive if the rental unit was in a different city. Of if you had a whole bunch of rental units, though I suppose you’d still need to go through every month and figure out who’s paid and who hasn’t.[/quote]
My tenant uses bill pay and I get rent checks sent to my po box. And like Hatfield I use a mobile app to take a picture of it as a deposit.
The caveat is some banks limit how much the check can be for a deposit. So make sure your bank doesn’t cap the deposit below what your rent check is.
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