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Rent Collection!!! Rent Paid Directly To The Bank

If your tenants pay in cash, you may want to set up a rent collection system, similarly to the one that follows. Set up a system with your bank. With this system, tenants can make deposits directly at the bank into a savings account. Only give the tenant the name and account number where the tenant makes the deposit directly. This account has a business name (not your name) and the tenant has no other access to the account or information about the account.

You want an account that you may access without added cost to checking accounts on deposits through the month (perhaps done automatically electronically). the end of the month statement will be your record. As part of this system, use #01 as first tenant, and #02 as second tenant. This will lessen confusion if the rents are all i.e. $400. What will this do for you and your tenant?

For the Tenant:

  1. Allows them to pay in cash if they need to.
  2. Convenient bank location or branch near their residence.

For the Landlord:

  1. You are not put at risk in collecting cash.
  2. Eliminates a lot of monthly time consuming rent collection.
  3. Less paperwork, bank writes rent (deposit) for you.
  4. Check is never late because of snail mail USPS.
  5. Renters now have a paper copy of their deposit.