Depositing Rent Checks
Sorry for my absence, but it’s hard getting back into writing articles when you’ve been out of it for a while. Fortunately as I was sitting here making money on my rental properties, I came to a realization.
Depositing rent from my desk sure beats wandering out to the bank in freezing cold.
I’m not sure where you’re located as I know many of you are from warmer locales like Florida and California, but where I’m at it’s freaking cold. Yet I’ve deposited almost $2,000 today without stepping outside and it’s not even 10am here yet. And rent day isn’t officially until tomorrow!!
So what’s the secret? It’s called Interac e-transfers and if you can get your tenants to start doing this it can be a huge time saver for you. Sure there’s nothing like having cold hard cash in your hands, or a stack of post dated checks, but when it’s minus oh my freaking god outside, not having to either meet the tenant in person and not having to go to the bank suddenly become a welcome relief.
Now before you go making this mandatory for all your tenants, there are a couple caveats. Not all banks offer this service and both parties need to be set up to do online banking.
Your first step is to ensure your bank has this option before you go getting the tenants onto it.
It can be called Interac transfers, email money transfers or several other cute names, but here’s the basics of how it works if your bank supports it. With just your email address and a secret question/answer combination people can send you money. That’s how hard it is.
Yes there is some extra steps on the tenants end to set you up as a payee, but overall it is amazingly simple.
It’s far less painful than setting up automatic deposits via your bank account and it’s safe and secure. So if you haven’t looked into it and want an easy way to make deposits, check into it!