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Author Topic: Landlord Requiring Direct Deposit  (Read 1226 times)

Offline astorian123

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Landlord Requiring Direct Deposit
« on: January 19, 2018, 09:47:29 PM »
I figured since most Astorians are renters, you might be able to help me with this. I rent from a private landlord. He wants the rent paid by direct deposit. He gave me his routing and account number. I want to avoid having to physically go to the bank every month since his bank isn't close to my apartment. I have a personal account, and he has a business account. According to Citibank (where we both have accounts), there is no way to set this up electronically. Does anyone else have direct deposit set up for their rent? Do you know of banks that will allow this type of deposit from online banking rather than going to the bank? I would also like to avoid extra fees (obviously). Any help is appreciated!

Offline astoria101

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Re: Landlord Requiring Direct Deposit
« Reply #1 on: January 20, 2018, 01:24:33 AM »
Tell him about erentpayment.com
It will cost him $3 per payment per month or $10 for 5 payments per month (you might even suggest covering the $2 or $3 for him if he is a cheapskate).

I use it myself as a (commercial) landlord and it works flawlessly.  Other than the $3 or $10/5 there is no other cost for either the renter or the landlord and really only takes a few minutes to set up (with great customer support by phone or chat).

They even do low cost credit checks of potential tenants if desired.

Basically you set up your account once, landlord sets up his account once and you are ready (takes 3-5 days for initial setup to verify accounts).  When you make an online payment the landlord gets their money direct deposited on the 4th business day afterwards (in addition to the $3 per check erentpayment makes their money by keeping the interest earned over the 4 days - or 5/6 days if a weekend).

No affiliation, just a satisfied customer.

Offline rhino082

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Re: Landlord Requiring Direct Deposit
« Reply #2 on: January 22, 2018, 01:04:54 PM »
It's not called direct deposit.  It's an electronic payment, very different.  Direct deposit is for your salary.  Ask him for the instructions on how to do it.  If he can't help you do it then oh well. 

Offline astoria101

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Re: Landlord Requiring Direct Deposit
« Reply #3 on: January 22, 2018, 05:51:54 PM »
It isn't really called direct deposit either - direct deposit is just a consumer friendly term for ACH transactions and "direct deposit"/ACH is the standard way to make a bank to bank transfer, it is not just for salaries.

You can usually set up ACH with your own account but my bank charges $10 per transaction, but generally you bundle 10's or 100's of payments into one transaction for a total charge of $10.  Obviously this gets expensive for single payments which is why consumers don't normally use it.

No doubt your landlord was talking with a buddy/brother-in-law/grocery-bagger about the inconvenience of getting paper checks and they suggested direct deposit without actually knowing anything about it.

Hopefully you can get your landlord to use one of the many online payment services.


Offline Starwind51

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Re: Landlord Requiring Direct Deposit
« Reply #4 on: January 22, 2018, 09:44:16 PM »
This isn't a recommendation for Chase, I'm just pointing out a type of service I've seen advertised.  Doesn't Citi have something like it?


https://www.chase.com/personal/quickpay




Offline RayG

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Re: Landlord Requiring Direct Deposit
« Reply #5 on: January 23, 2018, 10:08:21 AM »
This isn't a recommendation for Chase, I'm just pointing out a type of service I've seen advertised.  Doesn't Citi have something like it?


https://www.chase.com/personal/quickpay


It works between most banks. I have Chase and I can send to my wife who uses Citibank. Only issue is the first transaction takes a day or two to setup the account. After that, funds get transferred in minutes.

Offline astorian123

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Re: Landlord Requiring Direct Deposit
« Reply #6 on: January 23, 2018, 10:10:52 AM »
Thanks for the responses. Not sure if he will try an outside company for rent payments. I can ask about this if we can’t figure out another way to make this transfer. Chase Quickpay is great. It’s Zelle now, which Citi also uses. I tried to send payment this way, and it didn’t work. Citi is telling me it isn’t compatible with their business accounts.


 

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