How do you (landlords) collect rent checks

[071402]

Originally Posted by JanND

My renter sends his rent check to our bank.

You don't mind him having your account number ^^^?

[sjuraud]

Originally Posted by oregonwoodsmoke

I wouldn't do PayPal or credit cards. The tenant can challenge the charge and then PayPal takes the money back out of your account. Same with credit cards.

You could end up with a tenant moving out, challenging a couple of months rent and then you'd be fighting to get it back.

I've only got 1 tenant making an automatic payment and it goes into a separate account and the $ is removed immediately. But keep in mind, if you ever give the tenant a check for anything, he has your account number.

Yeah, I wouldn't do the credit card / debit option from PayPal either. Two reasons for that, the call back charge that could be disputed and the nearly 3% fee charged for doing it that way. When you're talking a larger rent amount that's a decent cut from the owner's monthly payment. I'm assuming there wouldn't be a way to "call back" any money if it was transferred from a verified bank account as it's not really credit. There's no fee for doing it that way either. I guess I'll need to confirm that with PayPal that direct bank transfers can't be recalled.

[toopie28]

I used to have the check mailed to my home. However I now have a mail box at the local postal office and I will give them that address to send checks (for the new tenants).

I know that some people open up an account specifically for rent and give over the account number and withdraw the majority of the amount as soon as it's deposited. That would help with fraud I would think.

[satman40]

My Tenants mail them to my Attorneys office,
I pick them up after the 10, and he notifies them of the late fees and bills them for is time also,
It is a compliance issue, and the tenant is responsible for all fees associated with the issue.

No need to mail them to your home, and no need to chase a tenant, time is money.

A LL can set up a special account for direct deposit of rent check, and limit the withdrawals.to his other account.

[Ultrarunner]

Check, Cash, Money Order all work...

Most are mailed to the office.

I do know a Landlord that set up collection accounts with Amerititle???

For a few dollars, they process the payments and provide a record... someone told me the rates have gone up to $8 now per collection.

[stonny9]

I try to either get them to deposit straight into the bank account or bring it to my house. Some I pick up because they pay in cash and dont have a car. I will always pick it up without arguing. What are you gonna do, not get your money and evict them?

[Squirl]

I accept paypal (w/6% add on), mail to me or directly deposit to the bank with deposit slips I provide

[Dbatiste]

Most of my tenants put the money directly in the bank account for me to get and a small amount I collect personally.

[High_Plains_Retired]

I maintain a local checking account just for the rental that the tenant deposits into. This way there are no arguments as to tardiness and late charges. The account is maintained at an amount so that the bank's monthly service charge of $5.00 is always covered.

Additionally, my lease contract states that the bank's acceptance of a partial payment of rent is never to be construed by the tenant as the landlord's acceptance of a partial payment. The contract also is very clear as to what is expected for deposits during bank holidays, weekends or other days when the bank is closed for business.