Direct Deposit
I've seen some of you state that you have direct deposit set up from your tenants. This proves to be a very efficient way of collecting rents, or lease payments from your tenant-buyer. What steps are taken to do this and what fees are associated with this if any.
It shouldnt cost you anything because the tenant has to go to their bank and give them the routing number and your account number and give you a copy of the paper work when they have done so.
We use a debit system where we write a check against there account. We love this system. There is a set-up fee for the software, benifit is we have control of when it hits with no monthly cost. The local banks would not set up a debit system for free. There is a release form that we had to get approved, from the bank.
One other bonus is when we take a deposit to our bank, we always ask for one of the "special offers" for new customers. In our "welcome home " packet we give a info on opening a bank account with our bank. (They must have an account for us to debit)From luggage to cake pans when ever you depsit enough money the bank will give you anything you ask for.
Best to you,
Sire[ Edited by sire on Date 10/30/2003 ]
This is good information. We will pass it on!
Eric & Rosa
[addsig]
I'm taking it that the bank will provide you with the software?
Are there any other systems that allow for people to have different banking institutions.