Tenant transfer $ to my bank account as rent?

That is what I do. What would pitfall be?

They have your account information, not sure if that matters or not.

if you use Chase, you can setup a QuickPay that they only need your email. Based on your email, you setup your account information.

What if you one day need to refuse to accept their rent, for legal reasons? How would that work?

I agree with alan, the number one goal you should have is how to refuse the rent, not how to accept it.

For a hipster tenant, that would be a banksy account.

I think it's generally a bad idea to allow any third party to have direct access to your account, period.

Tell the hipster man-child he's going to have to learn how to write a check like all the other grownups.

Matt, how do you get your paycheck? How do you pay your unions dues?

If you're that concerned about somebody knowing your account number (which is printed on every check you write), then create a new account that you use solely for receiving rent payments. Transfer the money out and leave it at a zero balance the rest of the time.

Even if he sends you a check, he will know your bank account number when you deposit the check in your bank. He will get it when his bank send him back his cashed checks or the picture of the cashed checks. He will see your signature (may be not. You can just hand write your name instead for deposit only) and your account number. Am I right?

I let my tenant use an auto pay to my account and I have had no problems so far.

"I think it's generally a bad idea to allow any third party to have direct access to your account, period."

So, Matt, you don't allow any direct debit (or deposit) of any kind ?????

Btw, Matt, do you still stand by your claim that the would be bomber near Times SQ was a government sponsored hoax????? .. Where is the "perpetrator" and how much is he being compensated? Did the government achieve its objectives. Thanks for updating us -- there aren't many sources for this kind of top secret info.

really who?

"So, Matt, you don't allow any direct debit (or deposit) of any kind ?????"

That's correct.

Matt -- the attack hoax update ??

Matt -- why is allowing direct DEPOSIT dangerous?

Matt - how do you feel about Debit cards used at non-bank entities (grocery store)? Are Debit cards at ATMS ok?

Matthew's paper checks are microwaved, whether he likes it or not. He simply has so much time on his hands as a freelance consultant that he prefers the act of writing them out and notating them in three ledgers each time.

http://en.wikipedia.org/wiki/Check_21_Act

"The law allows the recipient of the original paper check to create a digital version of the original check, a process known as Cheque truncation, into an electronic format called a "substitute check" thereby eliminating the need for further handling of the physical document."

In fact, when a payee uses this method of deposit, the check isn't even subject to the protective rules and regulations of the Automated Clearing House (ACH).

Additionally, when he pays cash at a bodega for a loosie, the banknote can be electronically fingerprinted and DNA-tested, and matched against the retina-scan just done by the "security" cameras.

But some people just want to believe that they're going to Heaven in the afterlife. Okeh.

Good point - elanheart. But I fear you will make poor Matt start delivering actual cash for everything .

But, more importantly, Matt -- what does the faked bomb scare, prosecution , etc . really mean , what's the agenda , and does it impact the real estate market ? ( how can you make such interesting comments and then not elabororate ???)

Matt forgot about Check 21.

Matt, there is an easy fix as Im a paranoid type when it comes to online banking and easy access to accounts, set up a feeder deposit account.

One account with the big egg that has no atm cards or online access. A 2nd account with checking, debit card, online, direct deposit, whatever.
Once a month (or whatever pattern you desire), go to your bank and transfer enough for your monthly expenses from the big egg account to the transactions account.

It's really no big deal. It's a simple and effective firewall.

We have access to Matt's bank account regardless of all those supposed workarounds. Unless he keeps his money in the desert in New Mexico, we have easy access to it. And if he does keep it in New Mexico, I'd suggest he turn off his cell phone when going to retrieve it and camouflage his vehicle to evade the drones that we have overhead.

Matthew doesn't use a cellular telephone ... remember, microwaves.

Yes, microwaves. Millimeter Wave technology too.

http://www.nydailynews.com/news/politics/merkel-calls-obama-finding-u-s-spied-mobile-phone-article-1.1494204

"Matt -- why is allowing direct DEPOSIT dangerous?"

Most people don't realize that access to your account is access. Opening that electronic door for a deposit also opens it for withdrawal -- "authorized" or not. They can pull money out at any time, and it's up to YOU to dispute the loss.

*****

Matt - how do you feel about Debit cards used at non-bank entities (grocery store)? Are Debit cards at ATMS ok?"

I would never use a debit card. EVER. Again, it's direct access to your bank account(s). USE A CREDIT CARD! I use an ATM card at cash machines.

Matt, what is your mother's maiden NAME?

Thanks Matt -- but why are you hesitant to elaborate on what has happened since you told us all that the times SQ bomber incident was a hoax? ???

"Most people don't realize that access to your account is access. Opening that electronic door for a deposit also opens it for withdrawal -- "authorized" or not. They can pull money out at any time, and it's up to YOU to dispute the loss."

I use direct deposit all the time and have both rent and paychecks deposited into my account. I don't see how this is true. Anyone else?

As I said, your tenant sending you a check and you deposit it into your bank. The tenant will still see your bank account info when he/she receive his deposited check back (either physically or electronically as images).

the only problem is not being able to refuse to cash the check.

So ab11218,

My point is even if the landlord accept checks only, the tenant will know the landlord's bank info when he gets his check back. How can you stop him from future deposits?

I believe if you use Chase quick pay you have the option of accepting or declining payments.

You think the banks didn't think of these issues. Do any of you actually use electronic banking. Of course there are safeguards and people cannot deposit money into your account without your consent. Welcome to 21sr century.

Wow, there's a lot of misinformation here. Actually use the services before saying what you can and can't do. Banks do not send your account information to a third party who deposits to your account so they can make withdrawals. That is just plain ridiculous. If you don't want to use your bank directly (don't know why), just use Paypal as a intermediary and you have the choice to accept or reject payments. They won't force you to take money you don't want to.

>They won't force you to take money you don't want to.

phew, alanhart's goal of rejecting the money isn't compromised.

Real estate?

"Most people don't realize that access to your account is access. Opening that electronic door for a deposit also opens it for withdrawal -- "authorized" or not. They can pull money out at any time, and it's up to YOU to dispute the loss."

- that's one of the most ridiculous things I have ever read in my life