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Tenant wants to pay rent with money order by Anonymous (OH) on May 10, 2012 @20:56

                              
I'm newer at being a landlord, only doing this about 5 years. Possible new tenant, during screening process, mentioned she has always paid rent with money orders. Our tenants have always paid by check. She said she does have a checking account. I'm not that familiar with money orders. Is there any problem that anyone knows of in accepting rent in the form of a money order?
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Re: Tenant wants to pay rent with money order by Anonymous on May 10, 2012 @21:25 [ Reply ]
There isn't a problem with accepting money orders. Most consider them more secure or less likely to bounce because in order for it to be issued the person has to put up the money first. (Just as with anything, they can be counterfeited though it's a very small risk). I would insist on a Postal Money Order.
Re: Tenant wants to pay rent with money order by Anonymous on May 10, 2012 @21:33 [ Reply ]
Why go to the trouble to paying with a money order if one has a checking account?

When tenants do this I always wonder what they're trying to hide.
Re: Tenant wants to pay rent with money order by jannie (IL) on May 11, 2012 @09:07 [ Reply ]
I would be hesitant about accepting a money order. My tenant (who was not screened by me, but by my agent "mistake"), said she always paid by money order. I thought it was strange at the time, since most people have a checking account. Anyway, she was arrested and jailed for dealing drugs...

Not to say that's the situation in your case, but I would look closely at her background and screen carefully.
Re: Tenant wants to pay rent with money order by Micah on May 11, 2012 @09:13 [ Reply ]
Depends on the situation. I would be weary of someone who only pays with money orders. It usually means they don't want their money tracked or could get funds frozen or garnished... What does the credit report say about them? I had to use a money order once when I was switching to a credit union (they don't give starter checks) and I have to wait for almost a month for my first set of checks to arrive.
Re: Tenant wants to pay rent with money order by Anon (Northeast Ohio) on May 13, 2012 @00:26 [ Reply ]
I look at a money order as safer than a check. My bank will issue me a money order for free. I have accepted a lot of money orders for the rent. One lady preferred a money order because the local convenient store was the most convenient way for her to handle her money....and keep it safe until it was given to me for the rent.

On the other hand, you are the landlord, you can specify cash, check, or a money order. As long as the funds clear, IMO. A check can bounce, a money order doesn't. And a money order is a lot safer for me as a landlord than cash....and the tenant can keep her stub receipt or bottom copy.
Her landlord probably prefers a money order. I know I do.
I accept cash, check, or a money order, though. Run her current landlord reference and ask her current landlord-he or she may require a money order. And clear any check or money order before you hand her the keys.
Re: Tenant wants to pay rent with money order by Monica (Wa) on May 14, 2012 @13:41 [ Reply ]
I have two tenants who I insist pay with money orders as they have bounced checks with me before. It is much easier than the fees involved by someone giving you a bad check !
Re: Tenant wants to pay rent with money order by NY-LL on May 14, 2012 @18:52 [ Reply ]
The payment of monthly rent by money order is more secure than a personal check payment. As others have already stated, the money order is a secured form of payment which rarely, if ever, bounces unless the check is reported to the bank as lost or stolen.

The only tenant of ours that has requested to make monthly rental payments exclusively by money order had financial issues related to a pending divorce and associated legal judgments. In order to separate the new residential lease payments from the pending divorce and associated legal judgments, the rent payment by money order ensured that rent payment were always secured and not subject to (pre-divorce) joint bank liens and wage garnishments.

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