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ezLandlord Questions and Answers
started a topic
about 11 years ago
I want to know how to go about setting up payments through direct deposits but i need to know how to set it up.
almost 11 years ago
I'm assuming that you have a checking account dedicated for your rental property (let's call it CK #1). If not, you really need to open a property account. You should not mix personal and business accounts. Open a second checking account (CK #2) for tenant rent deposits. When you are satisfied that checks deposited have cleared, transfer them into CK #1. Reason being, security since you're giving strangers an account # to make deposits. You never know. Keep a minimum amount ($20 ??) in CK #2 to keep it active. Always use CK #1 for paying expenses that are property related only. -----Disclaimer: Since I’ve been answering a lot of questions, I thought I would make the following statement. I’m not affiliated with EZlandlord Forms. I’m just here (not sure how long) to help those that have questions. Having 40+ yrs with Rental Property and done well, it’s my way of “Pay it Forward (check out the movie).” However, it is up to you to become familiar with your State/Local laws. I always like to know if the suggestions I offer are helpful. Feel free to comment anytime. Thanks in Advance.
almost 11 years ago
You can set this up through your bank. I provide a dedicated account number for my tenants to direct deposit to.
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