Property owners will sometimes come to Florida Management & Consulting Group with a problem: they’ve given their tenants deposit slips so they can make rent payments directly into their bank account, and suddenly the tenants are not making the deposits the way they’re supposed to. So today, we’re talking about whether it’s a good idea.
This has rarely ever worked out. You should absolutely not give tenants deposit slips. The tenant’s job is to pay the rent. Your job is to do the banking. Whether the tenant pays you rent directly or they pay your property management company, you should never let a tenant have your bank account deposit slips. You’ll lose control of the process, you won’t be sure the rent payment was made, and by the time you figure it out, the tenants will be several months in arrears and you’ll be sorry.
There’s something else that might happen. Let’s say you serve your tenant a 3 Day Notice because he owes you $2,000 in unpaid rent. If that tenant puts $10 into your account because he has your deposit slip, that will stop the process of Should I Give my Tenant Deposit Slips to Use for Rent Payments? South Florida Property Managementthat 3 Day Notice and you will need to serve them a new 3 day notice and start all over again.
Giving a tenant deposit slips is not a good idea. You might have to close your bank account and it could be a complete nightmare for you. If you have any questions, or you’d like to talk more about this topic, please contact us at Florida Management & Consulting Group in Coral Springs.