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How do I write a check to jkgourmet (simply because you're immediately above me here) and deposit it into his account? Wouldn't I need his deposit slip?
but instead deposited into the landlords bank of choice by us in person each month.
Not our bank, not convenient to us....(they live out of state). There's a branch here...at a distance not in a good area.
Isn't that odd? I just want to mail the check to them, they have given us their out of state address...why should I waste my time driving to their bank when I don't want to?? They seem to be first time landlords who couldn't sell their house. It's a nice house and we're happy to rent it.
Should we just mail it to them like 3 weeks early so they can process it by the first. (taking it to their bank of choice when it's convenient to them).
My husband thinks maybe we should drive around monthly depositing it like they want? Again, a branch not convenient to us?? We are very busy and don't have time to do this easily. Kids, activities, jobs...
What do you think? What would you do? They just sprung this on us...last minute. I want to get it cleared up right away but am I being unreasonable to mail it to them? Thanks much. They used a realtor to rent the house but are not really using a property management company, just the realtor helping them...sort of. Husband was wishy washy and didn't tell them yes or no when speaking in person with them. I was not there in person, or this wouldn't have been an issue.
You can mail it to their bank and it will be deposited but you will need deposit slips to do so. We had one owner who wanted it that way but now we changed it to direct deposit from our bank into his account and he is paying for the deposit cost my bank is charging. No deposit slips needed, no envelopes, no stamps... just one time a routing and bank number.
Your bank should allow you to set this up to automatically deposit the money into his account every month. You bank can give you the steps to do this. Usually it's in your online bank account Bill Payment section. Sometimes they call it Bill Pay - Pay an Individual Person. Other bank accounts call it automatic transfer to a person. Others call it Direct Deposit. You need to find out what your bank requires from you to set this up. It's usually a one-time setup and then it automatically transfers the money the same day each month. You typically go into your online acct and enter his name and bank account number and bank routing number and choose the amt and date and check the section that says it is 'monthly'.
It's pretty common these days for landlords to request auto deposit into their bank account. They assume you are doing this electronically - where the money gets transferred from your bank acct into his without you having to write a hard copy check. They don't expect you to drive to their bank to make a deposit. More and more landlords are moving to this method (electronic deposit of rent into landlord's bank acct).
How do I write a check to jkgourmet (simply because you're immediately above me here) and deposit it into his account? Wouldn't I need his deposit slip?
Not really. all you need is the account number and the name. I can walk into any npbank and make a deposit in any account as long as I have the account number. There are general blank deposit slips at the bank.
The reason they are dong it is two fold
One is they don't have to deal with going to a bank and depositing it waiting till it clears to have access to the funds.
Two it date stamps the deposit so if you're late the late charge applies. There is no it was lost in the mail, it's the banks fault etc excuses. I'm slowly moving in that direction also. As I get new tenants I give them the option and I tell them that's my preferrence. If they don't want to that's fine it's not a deal killer. I don't mind going and making a deposit to my bank after receiving the check, but if it's wire transferred its either there or its late. There is no surprise check bounced a week later notice.
Not really. all you need is the account number and the name. I can walk into any npbank and make a deposit in any account as long as I have the account number. There are general blank deposit slips at the bank.
The reason they are dong it is two fold
One is they don't have to deal with going to a bank and depositing it waiting till it clears to have access to the funds.
Two it date stamps the deposit so if you're late the late charge applies. There is no it was lost in the mail, it's the banks fault etc excuses. I'm slowly moving in that direction also. As I get new tenants I give them the option and I tell them that's my preferrence. If they don't want to that's fine it's not a deal killer. I don't mind going and making a deposit to my bank after receiving the check, but if it's wire transferred its either there or its late. There is no surprise check bounced a week later notice.
Ok, I now have your account number. What's stopping me from using it for nefarious reasons. Setting up a company, say, and raiding the account?
As a note, I pay all my bills via paper check and USPS. The service charge for my bills (charged by the provider) using autopay or online payment is much more than the price of a stamp.
The only bill I have which doesn't have a service charge for autopay or online payment is my mortgage, which is held by my bank.
Ok, I now have your account number. What's stopping me from using it for nefarious reasons. Setting up a company, say, and raiding the account?
As a note, I pay all my bills via paper check and USPS. The service charge for my bills (charged by the provider) using autopay or online payment is much more than the price of a stamp.
The only bill I have which doesn't have a service charge for autopay or online payment is my mortgage, which is held by my bank.
Whenever you pay someone with a check, they have your account number.....I have never heard of it being a problem.
Ok, I now have your account number. What's stopping me from using it for nefarious reasons.
Everything? Maybe you're new to banking practices but it's impossible to access someone's account and withdraw funds from it with just the account number. If that were the case, nobody would have any money left in their accounts ...
Everything? Maybe you're new to banking practices but it's impossible to access someone's account and withdraw funds from it with just the account number. If that were the case, nobody would have any money left in their accounts ...
I'm going to disagree with you here, there are too many examples just in my little corner of the world, of people who have accessed another's bank account/ATM card and raided the account.
Hell, my school system had a whole group of mid-level administrative employees who raided the system accounts a few years ago.
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