I have a few LD’s that i have my tenants make their monthly payments directly at the bank (which i love).
But, last week i called a bank asking about business accounts as i am about to buy a 12 pad MHP. I want to do the same thing and send the tenant to the bank. Problem was trying to figure out who has paid as the rents are the same for many spaces.
In talking with the bank manager, she stated, that she wouldn’t ever give the tenants a deposit slip as once they get the routing and a/c # they can use that to make online purchases, pay bills etc…
I’m hoping that there are a few folks out there who do this that may have encounted something like this??
Thanks!
years and the way I work it is this.
Each tenant gets a specific rental number. Say rent is 600 per month(I have 29 at this rate now). One is 600.01 Two is 600.02 etc.
I can tell at a glance whohas paid by seeing on line deposits.
I don’t have to even be in the country to access cash.
I’ve never had a prob in 4 years with anyone taking info from dep slips to access cash…
Greg
David,
Like Greg, I also have my residents deposit their rent payments at the bank. Before implementing this procedure, I checked with several local banks to see what banks allow you to view the deposit slip after a deposit is made.
When we move a resident in, they get 12 deposit tickets with the lot # on each ticket. I explain that without the lot # or name somewhere on the deposit slip their account will not get credited.
Each morning I log on and look at what deposits have been made. I can view the actual deposit ticket to see who has made the deposit. This has worked out extremely well. It eliminates the need for someone to be at the office collecting rent which is huge when you don’t live next door to the park. Also, there is never any cash on hand at the office which I prefer too.
I have a deposit account and an operating account. Every few days I sweep the deposit account into the operating account so there is never much money in the deposit account should someone try to access it. Although I am not very concerned about that as every time you write out a check you essentially give out your routing number and your account number out. All that information is on every check.
A good friend of mine prints the account information on a business card for his tenants. The tenant can keep this in his/her wallet and then use the deposit slips at the bank (free). I may do this when I run out of my preprinted deposit tickets.
Hope this info helps.
Jamie Richardson