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Morning, in the past I have allowed my tenants to pay rent by depositing it into my checking account. I am really Thinking about using cozy.co. It's free for both tenants and landlords. Has anyone else used this site? Is it good? What other methods do you use?
LeTesha S, VA on Wednesday, August 16, 2017
RE: Methods to collect rent
No, I don't use this site.There are many sites available on the Google.I have another one.You can use it, May it helps you:- http://bullardrealty.net.
Posted by Bullard R, FL on Thursday, August 17, 2017
RE: Methods to collect rent
The problem I see with allowing tenants to deposit rent directly into your checking account is that you have to give them your account number. Not very secure. I just let them mail the check to me. Then I take it to the bank.
Posted by Charles & Linda M, MD on Tuesday, August 29, 2017
RE: Methods to collect rent
Open another account with $100. Use that acct for receiving rents only. When rental check(s) are deposited, transfer them into the rental acct used to pay bills. You probably can decrease the amount in the rental receiving acct to $20.
Posted by Stan M, CA on Thursday, August 31, 2017
RE: Methods to collect rent
Cozy.co is the best. It's an app that is free and I have been using it for 2 years. The money goes directly into a checking account of your choice. The tenant at no time has your account number. It's an easy way to collect rent and give the tenants the ability to pay with credit card, debit, or checking account.
Posted by Joseph C, NJ on Thursday, August 31, 2017
RE: Methods to collect rent
I use Cozy.com also. This is my first time using it with the current tenants. I had a management company, but I fired them due to them basically not taking good care of my property and not being responsive to my calls or emails. I have the same tenants, though, and this will be their second year at my house but their first time in dealing with me directly. I like Cozy.com, but it will not work if the tenants do not verify their bank account. This is what I am up against. Cozy deposits two small amounts into the tenant's account, and the tenant then reports those two amounts to Cozy when they are creating their account. Since they were already in my house, it was not an option to have them do all that before moving in. Lesson learned. It is in the new lease, but they seem to be ignoring that part. I've spoken in person and through email about completing the verification but to no avail. The tenant denies that Cozy made the small deposits, yet Cozy said they did make the deposits. I like Cozy.com and will continue to use them in the future. I will know come October 1, 2017, if it will work with my current tenants, though. Like we say here, you can lead a horse to water, but you can't make him drink....
Posted by Jacqueline O, TX on Tuesday, September 19, 2017
RE: Methods to collect rent
I've been using Zelle, also called XclearPay. It allows anyone to send money. It started thru Chase bank, the bank I use for my rentals. It's free and very easy. They don't need a Chase account.
Posted by Cynthia H, OH on Thursday, September 21, 2017
RE: Methods to collect rent
I have an account for rental payment so I give the tenants the account number to make their payments; I use to work at a bank in different positions and if your tenants are not authorized on the account they can only deposit into the account.
Posted by Terry C, TX on Saturday, September 23, 2017
RE: Methods to collect rent
My bank (Suntrust) has a free account called a Purpose Account. It does not require I keep a balance in it. The tenant gets a card with the account number on it, they go to the bank to deposit the rent. I can have an automatic shift of funds into my real account if I want to. The account is not attached to my other accounts so it is safe. There is a branch down the street from the rental so it is convenient.
Posted by Elizabeth P, VA on Wednesday, February 14, 2018
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