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I recently started renting a house and the owner/landlord is an elderly lady that lives in another state. She is asking if it's possible for us to have our rent deposited to her bank account instead of mailing her check...as I mentioned, she's elderly and has to get someone to drive her to the bank.
Unfortunately, our bank can't do direct transfers to other bank accounts (it's a large bank, I was surprised!). I looked at other options, like Western Union, but they are cost prohibitive. Also, she doesn't own a computer, much less know how to use one, so PayPal is out.
Does anyone know of a way to transfer from one bank account to another? I don't really want to open an account at a bank just to pay rent, but I guess I will if I have to.
I have used ING Online Banking - ING DIRECT USA - Save Your Money!® for many years to transfer money between bank accounts, but I'm not sure if you can send money to a bank account that is not at least attached to your ING account.
There is no way that I know of to just input a routing and account number and send the money off, you have to attach your account (not sure if you have to actually own the account), and that involves inputting certain information, as well as validating 2 small deposits into the account to prove that you have access to it.
The major downside that ING has, but I don't mind so much now, is that once you deposit money into your account, you have to wait something like 7 days before you can access it, so you would have to either put your rent in early enough to allow you to access it and transfer it out, or keep a good amount of money in your ING account so that you aren't caught off-guard by having to wait for your money.
Most banks are not set up to do EFT from person to Person (P2P) , It set up to do biz to person (ie paychecks, regular payment),
or A Person to biz pull, Biz does a Pull (EFT) from your bank account, or push, where you 'push' Normaly thru a Bank run Ebill pay type service.
I think the best way for you is to continue to mail it to her, She can then mail it to her bank, there is no reason she need to physicaly go to her bank.
Do you have a bank branch of HER bank near you. You should be able to do a deposit that way, just ask to have it deposited into her account. We do that with our renters, it's pretty slick.
Otherwise I would suggest that you see if you can do an online bill pay to her bank account. She would need to give you her bank account number, which I would not be comfortable doing personally, but who knows.
As mentioned, there are many options. The easiest would be to just make a deposit at her bank into her account, assuming her bank has a branch near you.
But depending on who her bank is, they may have options as well. For example, I bank at Wells Fargo, and they have the option for you to mail them a check and deposit slip and they will deposit it into a customer's account for you.
My bank is US Bank, which I would say is a good sized bank. I used to have an account at Wachovia (WellsFargo) and they did EFTs to other individuals. Her bank is a local bank, there is no branch in our town. We have the routing/account numbers and thought that would be all we needed.
I guess I'll keep mailing it and make the suggestion for her to mail it to her bank, or see if I can work something out with her bank. I was hoping something like SpeedPay would allow you to do it from person to person.
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