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I write checks to my housekeeper and my hairdresser, so approximately 3 checks a month. For everything else I use electronic bill pay or my debit card.
You do realize that those can bounce, too, right? Where I worked, a LOT more electronic bank checking, and ACH through our website, bounced than paper checks. And, because of it, the accounts were deleted and they'd have to start over again to get it re-set up.
ACH is a 2 business day transaction. Checks are a 5 to 10 business day transaction, after you get the check deposited. If a payment to you bounces, do you want to know about it in two days, or 10 plus days?
ACH is a 2 business day transaction. Checks are a 5 to 10 business day transaction, after you get the check deposited. If a payment to you bounces, do you want to know about it in two days, or 10 plus days?
Many people with ACH or electronic transfer didn't "find out" until a good month or two later when the next bill didn't get paid, then all of a sudden they get notices for water shut-off. Automatic notices are sent to them but I assume they often go into their junk mail or perhaps they don't check email often. Also, you'd be amazed at how many people don't pay attention to their monthly bills, and I think the automatic options make some of them lazy.
The management company for my apartment, accepts cash, checks, credit cards, debit cards, and automatic bank transfers. Personally if I was a landlord I wouldn't accept anything other than a direct debit from their bank account. What if a tenant's check bounces? I could be weeks before you even know there is a problem.
Are you sure you wouldn't run into legal issues with this?
My wife is old-fashioned and she still insists on writing checks at the supermarket and sending bills in via snail mail. Wondering how prevalent this is.
The reason I ask is that our local supermarket had a glitch on Saturday that caused them to reject our check. Luckily our bank has a branch in the store and I went over & withdrew cash to pay for the groceries. Wondering how a supermarket can survive with such a flaky system but I'm thinking nobody really uses check but us (well, my wife; I use a debit card when I shop!)
I still sometimes use checks at the store, or to pay out-of-pocket health care providers. Mostly I pay w/credit card, then make a payment on the card. That way, I rack up a lot of points on the card, that I can cash out later. I don't own a debit card. IMO they make money even easier to spend than a credit card. But with a debit card, it's easier to mess up and overdraw. I just don't need the added quick spending capacity. And yes, I pay bills by snail mail.
If I was a landlord the only way I would accept rent payments is through automatic bank transfers. If the tenant didn't want to agree to let me debit their bank account, I would find another tenant. The last thing I would want, is to find out a week or two later that their check bounced, and they don't have money to pay their rent. I would want to know that immediately, so I could start the eviction process.
hell yeah!!! When my tenants paid me in cash, I got it late every so often and with excuses and partial and what not.
Since I insisted on automatic bank draft, I get the money. In time. Full amount. No dumb excuses.
If I trust them with my house, they should trust me with giving me their bank info, for christs sakes. Also, if you do background checks, you get their SSN, isn't that way more "personal?""
Many people with ACH or electronic transfer didn't "find out" until a good month or two later when the next bill didn't get paid, then all of a sudden they get notices for water shut-off. Automatic notices are sent to them but I assume they often go into their junk mail or perhaps they don't check email often. Also, you'd be amazed at how many people don't pay attention to their monthly bills, and I think the automatic options make some of them lazy.
I don't know how that would be possible, unless they didn't have funds in their account. In which case their water should be cut off.
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