We currently own two parks and have tenants mail their rent checks to a PO Box in the same city. Our bank picks up our checks daily and deposits them, then sends us a report daily with images of the deposits for me to record. I love this process. We are looking into buying a park 3 hours from our current bank but I would love to continue to use the same process if it makes sense. My questions is does it cause any problems (delayed mail possibly) to have tenants mail their checks to a city 3 hours away to the Post Office we currently use so the bank can also pick up these checks? Any thoughts are appreciated.Thanks!
We have tenants who mail checks to P.O. Boxes 20 hours away, and it’s not different than 30 minutes away. When you mail a check, it does not matter how far it goes. It’s the same cost for a stamp to any destination in the continental U.S. I don’t think you’ll have a problem with that concept, once you train the tenants properly. As you have pointed out, the only downside is probably a day or so delay in receipt – this should only come into play when assigning late fees (you should go by the postmark and not actual receipt probably).
JWDonald -what bank is this and what is the service called?ari
Jwdonald, we own two Mobile Home Parks. One MHP is 30 minutes away and the other MHP is 1 hour & 15 minutes away.We have our Tenants mail their Payments to our PO Box.It takes one day for the Payments to arrive at the PO Box from the MHP which is 30 minutes away.It takes two days for the Payments to arrive at the PO Box from the MHP which is 1 hour and 15 minutes away.We use the Postmark Date of the Envelope to determine Late Fees.We personally do the Bank Deposits ourselves so we can easily determine the Late Fees.Your system sounds very interesting.It sounds like you can use your existing system for your new MHP (just modify it to have the Bank also note the Envelope Postmark Date).We wish you the very best!
Thank you for all your help. The service we use is called the “lockbox service.” The bank is located in Jefferson City, MO and named Central Bank.