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We use this Direct Deposit notice as a letter with our bank branch, account number, branch hours/address/details as well as general policies on when rent is due and when it should be deposited. This is useful if you’re not located in the same town or city as your rental property and you prefer to have your tenants directly deposit their rent into your bank account.
It’s important to check with your bank on their specific policies and make sure you follow their instructions and procedures. However, in our experience, we find most banks make it extremely easy for anyone to be able to deposit funds into an account. We suggest you talk to your bank and open a small account specifically for the purpose of collecting rents directly from tenants depositing it. Banks usually put notes and restriction on the account to ensure it’s always a one-way process when tenants are concerned (ie. deposits ONLY).
Note: This letter notice form is intended only for tenants who will physically walk into a local branch to deposit their rent to the landlord’s account via a bank teller.
Why Do I Need This Form?
- Provide additional ways to make it easier for your and your tenant to transfer rent
- Outline clear instructions and terms concerning how to directly deposit rent into a landlord’s bank account
- Having a tenant deposit the rent directly into your bank account secures your funds and is a preferred deposit method