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    Banking question

    I mentioned that I have a new tenant. The last one did a direct deposit to me. Now I want it to go to my bank. I called them and asked what numbers to give her. It's the whole line in my check book. She was hard to understand and wanted me to open a new account. So those in this situation, do you give that whole line of numbers? It's not compromised? I really don't want another account.

    Hope that was somewhat understandable.
    🌺 Lorie

    #2
    Re: Banking question

    I'm not sure I understand your question, or the difference between a direct deposit to you vs. your bank. If you want a direct deposit into your account, you must give the person 3 things for a US bank account. The first being the 9 digit routing (ABA) number. This is found on your check. Do not use a deposit slip, because sometimes those are a different number that starts with a "5", which will not work. You must also provide the account number and whether it is a checking or savings account. When reviewing the micr line on your check, you will notice that it also includes the check number, at the end. They do not need this. As for me, I would make sure I trust the person that I am giving this information to.

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      #3
      Re: Banking question

      The checks were sent to me at my house, I did the deposit. The numbers at the bottom on my checks are all the same. The check #s are at the top.
      🌺 Lorie

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        #4
        Re: Banking question

        You would be giving your tenant the information on your bank account. Are you sure you really want to do that?
        K is for Karen 😊​..................
        Cremation - My last hope for a smokin' hot body.


        Before you speak,
        T - is it TRUE?
        H - is it HELPFUL?
        I - is it INSPIRING?
        N - is it NECESSARY?
        K - is it KIND?

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          #5
          Re: Banking question

          Yep - Fairly dangerous giving out you account number. You may trust the person you give it to but then you don't know about who else who visits their house. If they post it in a conspicuous place (like on the fridge) anyone who sees it will have that info.

          My friend has a rental and made arrangements to have the rent made through PayPal. She hasn't had any problems but then she does almost all her purchases through paypal. Personally, after hearing a few paypal horror stories, I would still have the check in my hand & take it to the bank.

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            #6
            Re: Banking question

            Its a shame that there are people in the world who are dishonest and take advantage of others. It makes me not trust anyone. I also would be very careful who I gave my checking information to. I agree with Judy, USMC you might trust your tenant but you never know who else might have access to your information.

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              #7
              Re: Banking question

              Lorie....I have worked in the banking industry and this is how you might want to handle this. First find out where your tenant banks. The tenant must have a bank account in order for a direct deposit to go from his account to yours. I would do this in person, if at all possible, there is forms and a usually a signature to make it official.

              To have your renter's funds direct deposited into your bank account, would be to give the information to an employee at the tenant's bank...not to the tenant. Bank employees are finger-printed, and many back ground checks done before they're officially hired!
              Last edited by shermur; June 4, 2016, 03:41 AM.
              Sherri

              "Don't let someone else's ugly spoil your beautiful. " Thanks, Bubby!!!!!!

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                #8
                Re: Banking question

                Originally posted by shermur View Post
                Lorie....I have worked in the banking industry and this is how you might want to handle this. First find out where your tenant banks. The tenant must have a bank account in order for a direct deposit to go from his account to yours. I would do this in person, if at all possible, there is forms and a usually a signature to make it official.

                To have your renter's funds direct deposited into your bank account, would be to give the information to an employee at the tenant's bank...not to the tenant. Bank employees are finger-printed, and many back ground checks done before they're officially hired!
                Thanks for the info. She's on the mainland and that paperwork wouldn't work, so I'll just do it like before and have the check sent to me. My realtor made it seem so easy? .lol
                🌺 Lorie

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                  #9
                  Re: Banking question

                  Very smart decision Lori
                  sigpic
                  Hugs Ann

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                    #10
                    Re: Banking question

                    Does your bank have a phone app? Mine has a phone and ipad app and I can make mobile check deposits by taking a picture of the front and back of the check, filling in the amount and then choosing what account I want it to go to.

                    If your bank does, this will save you the time and effort of having to run tot he bank.

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                      #11
                      Re: Banking question

                      Originally posted by Pandabear View Post
                      Does your bank have a phone app? Mine has a phone and ipad app and I can make mobile check deposits by taking a picture of the front and back of the check, filling in the amount and then choosing what account I want it to go to.

                      If your bank does, this will save you the time and effort of having to run tot he bank.
                      I don't own a phone. Last on earth I know.

                      My first post was worded wrong. It should of been auto payment to me. Sorry for that confusion
                      🌺 Lorie

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                        #12
                        Re: Banking question

                        If you think about it, every time you write a check the recipient immediately has your account number and bank routing number. Several years ago the bank account of the firm I worked for was compromised by someone who used the information from one of our checks to open an account for themselves and spent a day spending thousands of dollars on furniture. We asked if no one called the bank to verify the check. The purchases were made from one store on a Saturday and our bank was not open on Saturdays. This person had obviously thought of everything. We were told that the store called the Tele-e-check (or whatever the name of their system is) to confirm that the account has enough money to cover the written check. That's all they're interested in. We had to close the firm's account and start all over again. It was a nightmare.
                        Gerri

                        Life may not be the party we hoped for, but while we are here we might as well dance.

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                          #13
                          Re: Banking question

                          Lorie - I know you don't want to open another account, but if you did you could link it to your current account so that you can easily transfer $$ from the 'rental' account to your personal account. I know that we did this with some tenants and it works well. I can get the specifics from my hubby later if you're interested

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                            #14
                            Re: Banking question

                            I heard on the radio an ad for a new business that is for people renting out property... ME knowing ZERO about any of this as hubby does the "money stuff".... don't know that much about it.. but the ad mentioned it being safe and something up and coming and hassel free... wish i could remember the name... just wanted to share that something exists out there...
                            "Each day well-lived and Happy;
                            that's all there is to Life!"

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                              #15
                              Re: Banking question

                              I like the paypal idea. This is a secure system (as secure as most) and if something goes wrong, paypal is responsible. Just have them send you the money thru paypal, then you can click the button for paypal to send the money into your chcecking account. It usually takes 3 days. When my son was renting here in the Carolinas, the rental management company did it that way. I also pay my wireless bill that way and when I order on line I do it that way. That way, I only have paypal with my information, not a lot of other people. I used to order on line with a credit card, but again, lots of employees and if something goes wrong you have to track it down whereas, if paypal is the only on line company with your info, you tell the bank or credit card co. that that is the only place you use that card and they will be able to trace the fraud easily.
                              Walk in peace with the Lord by your side.
                              Terry

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