Tenant pays with a cashier's check.....mails it!....Is it safe? (deposit, landlord)
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i'm happy that he's paying with a cashier's check since i don't have to worry about insufficient funds, etc.
but he mails it in regular mail..........
i don't really want to say anything.....but i'm kinda worried. what if the mail gets lost? then it becomes a matter of 'he said she said' where he says that he sent it, but i never got it....so....
in such a case, is there any way to recover money?
Hm..do cashier's checks come with some sort of receipt that proves they purchased it? That's on his side. As far as the receiving end goes--I hate to have anything delivered to my home or places that will not ship to PO boxes. The reason I have a PO Box is security.
Tell the tenant to write "for deposit only" on the back of the check. That way anyone who gets it will have to deposit it so there is a trail. It also means you would have to deposit it into your account. It does not have to have your account number or signature, just"for deposit only". it can't be cashed. All you do is add your signature and account number to put into your bank.
The tenant may be able to get his money back but its not as simple as a personal check. But I believe the tenant is responsible for the check until you have possession of it.
The tenant may be able to get his money back but its not as simple as a personal check. But I believe the tenant is responsible for the check until you have possession of it.
yeah, technically i think you'd be right....but when it comes down to it, he'll see it as "hey, i paid the post office X amount and got the thing and sent it....it's not my fault that the usps lost it" and then the problems start.
i don't want to tell him to send me a personal check but i wonder if there's a better way of dealing with this.
writing "for deposit only" is a good idea but i'm not sure if it'll take care of all issues.
If the cashier's check worries you, you might want to consider having your tenant deposit it directly into an account you set up for that express purpose. That way you have a bank statement each month that proves when the deposit was made, you don't have to worry about a check lost in the mail, etc. You could ask the tenant what bank he/she uses, set up an account there, and arrange for the rent to be deposited there each month.
If the cashier's check worries you, you might want to consider having your tenant deposit it directly into an account you set up for that express purpose. That way you have a bank statement each month that proves when the deposit was made, you don't have to worry about a check lost in the mail, etc. You could ask the tenant what bank he/she uses, set up an account there, and arrange for the rent to be deposited there each month.
yes i'm aware of that and i did that actually. i opened an account at their bank and told them that they can have a direct deposit set up....but for some reason, they said no, we'll send a check each month.
yes i'm aware of that and i did that actually. i opened an account at their bank and told them that they can have a direct deposit set up....but for some reason, they said no, we'll send a check each month.
Or maybe ask for a money order instead? Are cashier's checks cheaper? I'm not sure. Though I agree with you, you definitely don't want to be involved in a lost check dispute even if you would prevail in court. As a landlord you(I"m pretty sure) you can accept payment however you wish(I think you have to give a receipt when asked). So I would tell them to deposit it in the account or get a money order.
Or maybe ask for a money order instead? Are cashier's checks cheaper? I'm not sure. Though I agree with you, you definitely don't want to be involved in a lost check dispute even if you would prevail in court. As a landlord you(I"m pretty sure) you can accept payment however you wish(I think you have to give a receipt when asked). So I would tell them to deposit it in the account or get a money order.
thanks.
yeah, i agree.
i actually just checked....and i made a mistake....it was a money order that they gave....not a cashier's check.
how does that differ?
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