How do I set up automatic bill pay for my tenants?

[katie45]

Originally Posted by Corn-fused

I think we are talking 2 different types of auto pay here. Auto pay via your management's website or program is much different than auto pay/bill pay via your own bank. If the auto pay is something set up via the management's own website or program, that makes sense that there might be a fee. However, your management company should not be charging any fees if you do auto pay/bill pay via your own bank. If done via your own bank then a physical check is cut and mailed to the payee just as if you physically wrote a check yourself. The only difference is that the check is electronically 'printed' however, it is still a physical check that they receive.

Since there is a $5 fee, I decline that option.

[KaaBoom]

Originally Posted by Corn-fused

I would follow up with your manager and ask how to do it if they specifically told you it is an option.

There should be a way in your bill pay to set up a new company/payee if it is not one of the ones listed. I have personally never heard of a bank not allowing you to bill pay to anyone you wanted to pay to as long as you have the payee's name and address to set it up.

Well, obviously they need more information then just the name and address. The bank is not going to send the payment by US Mail. If I go that direction, I will probably have to call the bank's customer service number and try to set it up that way.

But I'd really rather have the management company just direct debit it. That way I don't even have to think about it. It's way easier that way.

[Corn-fused]

Originally Posted by KaaBoom

Well, obviously they need more information then just the name and address. The bank is not going to send the payment by US Mail. If I go that direction, I will probably have to call the bank's customer service number and try to set it up that way.

But I'd really rather have the management company just direct debit it. That way I don't even have to think about it. It's way easier that way.

Have you ever used bill pay from your online bank account? All you need in order to set up a payee is the payee's name and address so the bank can cut the check electronically and then yes, they DO mail a physical check it to the payee. Once a payee is set up you then choose that payee whenever you want to make a payment to them, enter the amount, pick your payment date and the bank mails the check. It is only a service to cut checks directly from your bank account and mail them instead of you having to write a physical check yourself. They don't do any automatic transfers or anything from your bank to the payee's when using bill pay.

The other payees that are already showing in your bank account to choose from (as you stated are showing up) are there because the bank is familiar with those well known larger companies and they know their billing addresses to mail the electronically produced, physical checks.

For some reason you are assuming that with bill pay that the bank electronically sends money to the payee and that is not true. It is a physical check that is mailed however, electronically produced.

A 'direct debit' option has to be agreed upon and initiated by both the payee and the payer. There is a process to set it up. I don't know many LLs that allow it or have it set up. I really doubt a rental company is going to set up such an option if they don't already have it in place but you can surely try asking.

[Kim in FL]

Originally Posted by KaaBoom

Well, obviously they need more information then just the name and address. The bank is not going to send the payment by US Mail. If I go that direction, I will probably have to call the bank's customer service number and try to set it up that way.

But I'd really rather have the management company just direct debit it. That way I don't even have to think about it. It's way easier that way.

Yes, they do mail a check to whomever you set the bill pay up for. All they need is the name, address, and dollar amount and date you want it there. You can set this up to do done on the same date every month...kinda like direct debit, but no fee from the recipient.

You can ask the management company if they have direct debit, but be prepared to hear, " no, we don't, it's not cost effective" or " Yes, we do and we will pass the service charges along to you in order to use this option" or they will say "You can pay online at our website; the service fee is x $"

Bill pay is FREE for both parties and can be set up as a auto pay.
"

[KaaBoom]

Originally Posted by Corn-fused

Have you ever used bill pay from your online bank account? All you need in order to set up a payee is the payee's name and address so the bank can cut the check electronically and then yes, they DO mail a physical check it to the payee.

Originally Posted by Kim in FL

Yes, they do mail a check to whomever you set the bill pay up for. All they need is the name, address, and dollar amount and date you want it there. You can set this up to do done on the same date every month...kinda like direct debit, but no fee from the recipient.

Thanks but my bank charges a $10.95 fee for that service. Electronic payment is free. I'm not going to pay $10.95, and I have zero interest in having them mail a check to my landlord anyway. So I'm going to go for a solution that is electronic and free. This is the 21st century. We don't need paper checks any more. LOL.

Payments are sent electronically or by check depending on the payee's arrangement with our service provider.

For an electronic payment, funds are transmitted electronically to your designated payee and debited from your Payment Account on the Scheduled Payment Date.