How to Create an Account to get a Rental Deposit
As a landlord, it can be a tedious effort to collect rent checks from the tenants each month, particularly if you own or manage more than 1 place. Having to wait for all of the checks to arrive each month in the mail can cause a delay in accessing the funds. However, it is possible to make collecting easier by establishing a bank account to accept direct deposit. Your tenants may transfer the lease directly in your bank account on the day the rent is due, providing you with access to the cash that very same day.
Decide whether you would like the lease checks deposited into your checking, savings or money market account.
Provide your tenants with your bank name, routing number and account number. Each tenant may then establish a monthly payment during his bank’s transfer or bill pay choices.
Monitor your account to make sure the payment arrives from every tenant on the proper date and in the right quantity. Mistakes can occur so avoid assuming the cash will be there.
Maintain a digital or paper copy of the trades made by each tenant. Despite the ease of direct deposit, you will still wish to maintain accurate rental documents for every one of your renters. You will also need to keep track of the tenants who failed to cover the rent in time, or whatsoever.