Cashier's checks (by Hoosier [IN]) Jul 7, 2018 11:31 AM
Cashier's checks (by LisaFL [FL]) Jul 7, 2018 11:39 AM
Cashier's checks (by Ken [NY]) Jul 7, 2018 11:50 AM
Cashier's checks (by JB [OR]) Jul 7, 2018 12:36 PM
Cashier's checks (by BRAD 20,000 [IN]) Jul 7, 2018 1:47 PM
Cashier's checks (by NC INVESTOR [NC]) Jul 7, 2018 2:23 PM
Cashier's checks (by AllyM [NJ]) Jul 7, 2018 2:24 PM
Cashier's checks (by Barb [MO]) Jul 7, 2018 5:43 PM
Cashier's checks (by S i d [MO]) Jul 7, 2018 5:54 PM
Cashier's checks (by Small potatoes [NY]) Jul 7, 2018 6:35 PM
Cashier's checks (by Robert J [CA]) Jul 7, 2018 7:17 PM
Cashier's checks (by WMH [NC]) Jul 8, 2018 5:03 AM
Cashier's checks (by BRAD 20,000 [IN]) Jul 9, 2018 7:47 AM
Cashier's checks (by Scott Ballet [MA]) Jul 11, 2018 7:24 PM
Cashier's checks (by Hoosier [IN]) Posted on: Jul 7, 2018 11:31 AM Message:
Not a question, just a rant....
I have some tenants who pay with cashier's check...their choice, not mine. There is a "reference" field where the bank can put any note...and I encourage tenants to put their name. Last two months people are not putting their name, and neither are they putting their names on the envelopes in which they mail. Not all our tenants have the same rent amounts, but they can be...for example...
Let's say Tenant 1 has base rent of $800 and if they pay 4 days late, which is a $20 fee...they would owe $820
Let's say Tenant 2 has base rent of $820 and if they pay on time, they pay $820
Let's say Tenant 3 has a base rent of $810 and if they pay 2 days late they pay $820 due to the $10 late fee.
So I get two cashier's checks, neither with a name on it or the envelope. Someone has not paid, but I can't tell who!
I did get it sorted out, but I had to call each tenant and ask for the check number on the stub from the bank....but it took 45 minutes of my time. I sent out a communication to use the reference field in the future to avoid their payment not being properly credited.
I know...here come all the comments saying I should just take it out of their bank account (rolling eyes) LOL.
--99.92.xxx.xxx |
Cashier's checks (by LisaFL [FL]) Posted on: Jul 7, 2018 11:39 AM Message:
Just take it out of their bank account.
I don't have these problems because it's a solution that avoids problems like you described.
You must have lower quality tenants. If so you're always going to have higher maintenance. They go together.
To avoid your problem make the base amount of tenant #1 $801 or $799. --173.170.xxx.xxx |
Cashier's checks (by Ken [NY]) Posted on: Jul 7, 2018 11:50 AM Message:
I have had this happen and figured it out quickly,in my case I send my tenants an envelope with a stamp and my address on it so if I were having this problem again I think I would just write the tenants name on the envelope that I send them.Low income tenants don't always have bank accounts so not possible to take it from there bank account and after the fiasco 6 months or a year ago where the online company kept all the rents and did not forward to the landlords I am not interested in collecting rent that way --72.231.xxx.xxx |
Cashier's checks (by JB [OR]) Posted on: Jul 7, 2018 12:36 PM Message:
You could add a headache fee to your lease: "Any tenant not placing identifiable information along with their payment will be charged a $50 fee the following month for the hassle of deciphering the origination of the rent from other tenants." --50.45.xxx.xx |
Cashier's checks (by BRAD 20,000 [IN]) Posted on: Jul 7, 2018 1:47 PM Message:
Hoosier,
Autodraft. TAKE the rent, not wait for them to pay. It's the way money is handled in 2018.
MY bank charges $6 each for casheir's checks so that's odd they use that method!
I'd send both residents a late notice text and ask them to send a photo of their receipt if they already paid.
BRAD
--68.50.xxx.xxx |
Cashier's checks (by NC INVESTOR [NC]) Posted on: Jul 7, 2018 2:23 PM Message:
As Brad says, cashier checks are expensive. In Charlotte they're $15 and that's if you have an account with the bank.
Do your tenants have a bank account? there are any number of other ways to get paid that require little to no effort on your part. --71.75.xx.xx |
Cashier's checks (by AllyM [NJ]) Posted on: Jul 7, 2018 2:24 PM Message:
I get personal checks from four tenants and cash from two tenants. I can't think of a reason for them to buy a cashier's check except if they can't have a checking account for some reason. --73.178.xxx.xx |
Cashier's checks (by Barb [MO]) Posted on: Jul 7, 2018 5:43 PM Message:
I’m enjoying Clearnow rent collection service. While I had to check on a couple (one resident set up an account at my bank and just had them transfer it), most of them simply appeared in my account on Friday morning and the Clearnow site told me what was collected from whom. --64.251.xxx.xxx |
Cashier's checks (by S i d [MO]) Posted on: Jul 7, 2018 5:54 PM Message:
My tenants are required to write their name and address on the deposit ticket. If I get one without ID info, I send a text to them: "I have not seen a payment with your name on it. If paid, please text a picture of your receipt. Otherwise, the amount due today is $X including the late fee." If they've paid, that gets their attention pretty quickly and I get a receipt within a few minutes. --172.56.xx.xx |
Cashier's checks (by Small potatoes [NY]) Posted on: Jul 7, 2018 6:35 PM Message:
I also have tenants w out bank accounts so taking the money "from them" doesn't work.
JB do you really think a lease clause like you suggest would hold up in court?
When I queried about this recently folks suggested making same rent vary by a penny --66.87.xxx.xxx |
Cashier's checks (by Robert J [CA]) Posted on: Jul 7, 2018 7:17 PM Message:
I had a tenant that got an illegal roommate who purchased cashier's check and mailed them to me without a reference name in the memo section. When I went to evict my tenant, his roommate made claims that he too paid rent and wasn't served, therefor can't be evicted. Since I make copies to each check received, I proved to the judge that so far as I knew, the checks were purchased by my tenant and mailed to me because on the envelope, was my tenants name and return address, not his so called roommate. Also the way I have my process server deliver the paper work for an eviction, the roommate could have joined in on the suit and had 5-10 days to file his answer....
So accepting a check with no name can have consequences. --47.156.xx.xx |
Cashier's checks (by WMH [NC]) Posted on: Jul 8, 2018 5:03 AM Message:
I have what I call a "cents identifier" in our lease. Each unit is assigned a cent amount as identification. So rent is $XXX.01 or $XXXX.11 or $XXXX.45. If they pay by online bank transfer this is not required as their payments are automatically identified, but if they pay by direct deposit at bank they must include this.
It only takes one time of not paying it and getting a rent demand text from me for them to remember. Especially when they tell me they did pay it, and I tell them that their rent was credited to someone else!
Now that we have a few LLCs, they pay to different accounts, so theoretically we could grow to 99 units each. ;) haha --50.82.xxx.xx |
Cashier's checks (by BRAD 20,000 [IN]) Posted on: Jul 9, 2018 7:47 AM Message:
Small,
True.
Some will SAY they don’t have an account but SSI and factory payrolls are direct deposited these days. That leaves very few without accounts.
We tell them to open an account for the rent.
Yes, the few that cannot manage an account or the bank refuses them due to past history of bouncing checks will have to pay in cash to my Deposit Only account at the bank.
BRAD --68.50.xxx.xxx |
Cashier's checks (by Scott Ballet [MA]) Posted on: Jul 11, 2018 7:24 PM Message:
All rental payments are made through Venmo (or similar service) PERIOD. Everyone has a phone and everyone should have a bank account. --71.174.xx.x |
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