Pigglords - automatic rent payments into your bank account?

User Forum Topic
Submitted by teaboy on December 4, 2015 - 4:49pm

Just wanted to ask if anyone has used cozy.co to receive their tenant's rent payments directly into their bank account. Cashing rent checks every month is a big pain in the a$$.
I've used it to pay my rent to my landlord and receive it from my tenant the past couple of months and other than being a little slow (maybe a ~3 day delay for incoming payments clearing in my bank account) it seems to be working as expected.
I dont see any big risks and service is free @ cozy.co
My understanding is that cozy.co uses a 3rd party to perform the bank to bank transfers and never touches the money. If there are any issues, I think the sending bank should be able to pull back the money, too, but I'm not 100% sure on that.

Anyone else use cozy.co or a similar free service? I know there's other pay-per-transaction services out there, but this was the only free one I could find.

tb

Submitted by Coronita on December 4, 2015 - 5:40pm.

Nope

Submitted by spdrun on December 4, 2015 - 6:00pm.

I had my previous tenant deposit checks into a bank down the street every month. I set up an account there just for the property.

Submitted by Hatfield on December 5, 2015 - 1:16pm.

My tenants pay by paper check. For the last couple years I've been using MCFU's mobile banking app to electronically deposit the rent check. Take a photo of the front and back of the check, and bam, done in under a minute.

I think having tenants do electronic deposit might look attractive if the rental unit was in a different city. Of if you had a whole bunch of rental units, though I suppose you'd still need to go through every month and figure out who's paid and who hasn't.

Submitted by Coronita on December 5, 2015 - 1:40pm.

Hatfield wrote:
My tenants pay by paper check. For the last couple years I've been using MCFU's mobile banking app to electronically deposit the rent check. Take a photo of the front and back of the check, and bam, done in under a minute.

I think having tenants do electronic deposit might look attractive if the rental unit was in a different city. Of if you had a whole bunch of rental units, though I suppose you'd still need to go through every month and figure out who's paid and who hasn't.

My tenant uses bill pay and I get rent checks sent to my po box. And like Hatfield I use a mobile app to take a picture of it as a deposit.

The caveat is some banks limit how much the check can be for a deposit. So make sure your bank doesn't cap the deposit below what your rent check is.

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