Remote Deposits

We have been struggling with bank issues since May. Our bank was closed by FDIC last year and taken over by another. The initial period of time proved to have no problems whatsoever.

In May however, the “old” bank accounts transferred to new ones. We lost on-line information, on-line payments, etc. and generally struggled to get everything up and running again during the month of June. That part, at least, appears to be over!

The new website does not give as much information as the old bank website, which is contrary to what we were told about the move. For my purposes, not being able to look at deposit slips on-line was bad - our manager collects money and makes deposits, so it was a good way for me to check facts.

Yesterday we moved to depositing our payments remotely. Now the manager can deposit daily, which is great. I had heard that money orders did not work with the remote equipment, but have been assured by the bank that they will - and it appears to be true. We don’t accept cash for anything, so the manager never needs to go to the bank to deposit again PLUS our money goes in the bank daily as we receive it. We do pay $45 monthly for this convenience, but I believe this to be well-worth keeping the cash flowing.

In my book this is a WIN.

This is great info, Ellen. I am trying to move all my rental apartment tenants to EFT from their bank to ours on the 1st of each month (the bank software interface is very nice) and if they cannot, then there is a surcharge of $20 for processing “old fashioned” payments.

In the self storages in order to qualify for the “move in specials” and a discounted rent, new tenants must choose either EFT or automatic credit card billing. We’ll do the rest of the payments with the check scanning equipment that many places have now.

Processing cash payments is awkward and just invites theft, either from employees or break-ins or holdups. We’ve had the first two.

Lin