Instructions for Depositing Rent into Bank Account

Do you remember when rent was paid by waiting for your tenant to show up with either cash or a check? Perhaps, the rent check was mailed each period. That was the "norm." Using good old-fashioned snail mail worked, but it also gave way to the famous saying “the check is in the mail." With technology, advancements came a wide array of methods for accepting rent. One of these means is having your tenant deposit the rent payment directly into your bank account. This win-win situation saves your tenant a stamp; it saves you the time of having to run to the bank and deposit the money and also get the rent where it needs to be on the date it needs to be there.

The “ezLandlord Forms Instructions for Depositing Rent into Bank Account” is a short and sweet form. It provides instructions for your tenant so that they can deposit the rent and any other charges you specify right to your account. This form will make the landlord duties easy, by providing the tenant with all the information. They need to deposit the money right into the designated bank account. It is a completely customizable document, which currently lists:

1. The Name of the Bank
2. The Routing Number of the Bank
3. The Account holder’s name
4. The Account Number

The landlord gives this information to the tenant, and the tenant takes care of the rest! Remember this form is fully editable so you may add any text that you want. This very basic template lays the foundation to receive payments directly into a checking, savings or other financial institution of your choice. This is strictly an information document and does not create a contractual obligation. That would be done through the lease, itself.

TIP: You may want to create an account just to receive rent. This adds a layer of security to be sure that the tenant does not abuse the account information.