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1st rent check bounced

Our new tenant signed his lease with his mother as co-signer.  She gave us the first month's rent on October 2, which we deposited in our bank.  We just received the check back from their bank.  During our phone conversation today with the mother she said she would bring us a bank check including the rent, the late fee, and the returned check fee this Thursday (10/15).  Is our tenant now in default of the lease, and should we give him a notice to pay or vacate, or do we need to wait until the date she agreed to pay us to start giving out notices?  Also, are we within our rights to insist on all future payments not be in the form of a personal check?  Thank you.

I would send a formal notice and demand for payment. I know in the state I live in, there was a large problem with a large bank. For the first time my tenant was late. You may want to see what the reason is. I put in my leases that "if a tenant bounces a check, then that tenant may not replace the check with another personal check. That may be wise to do.
My tenants live in NJ.  I live in FL. What I did was give the tenants my checking account number and the bank is local to my house in NJ. They are to deposit cash into my bank account before the 5th of every month.  I have had no problems this way, no lost checks, no telling me that they sent the rent, no bounced checks.  Cash is king!
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