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Author: LQu Big gold star, 5000 posts Top Favorite Fools Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 14097  
Subject: Re: Automated transfers instead of checks as ren Date: 12/23/2012 7:09 AM
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When you set this type of payment method up as part of your lease, make sure to specify that any fees incurred are the responsibility of the tenant. There are several fee-free ways to do it, but sometimes they are not clear with their bank. One tenant had their bank *wire* funds (it was not an int'l transfer). That's a $10 fee on our side for receipt, for which they did reimburse us.

We had the clause in the lease, but they still had trouble explaining to their bank what they wanted. They ended up doing the deposits directly themselves, since they had the account number, which was fine with us. It still eliminated waiting for paper checks in the mail and allowed us to use online services when away. The account we use only hold the funds temporarily. Payments are transferred out after receipt so that there's never much of a balance accessible to anyone...just in case.

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