Re: Tenant wants to transfer rent to my acct monthly

Re: Tenant wants to transfer rent to my acct monthly by Michelle (CA) on May 31, 2018 @02:47

My state requires that out-of-area rent have a postmark on the due date, rather than be received on the due date. My tenant wanted EFT, but we discovered that the bank processed the eft in an unpredictable way: took days to get from his bank to mine; a notation at my bank stated that the eft was received, but not the amount. After six days, the correct amount posted to my account. We agreed to hold earnest money until the transaction completed because neither T nor LL wanted to trigger the late fee clause of the lease. How many tenants would do that?
I am mentioning the timeline so that you can map out what might happen with a wayward deposit. I like to think that if T and LL were at the same bank, it might be more predictable.

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