Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
I have a renter who wants to send payments directly to my account through their credit union. They are non USAA members, so how do I go about setting this up? The app wants you to be a member and I'm not having success searching the site. Any insight would be most welcome.
Thank you,
Robin
mccarthy147;
Welcome to the USAA Member Community Forum.
Thank-you for your familys service.
Now as for your post and question.
Thank you for participating in the USAA Member Community Forum.
1. You and you renter could also set up a free paypal account and receive money directly that way from your renter. It is also possible to create monthly subscriptions in paypal to have the same amount sent monthly.
2. Have your renter ask the credit union to add your account as receive only. Give the renter USAA's Routing # which is 314074269 and your account# to give to the credit union. USAA also has this option available online in add accounts, you can add other people's accounts at any US Bank as send only to send them money. This uses ACH Push which generally takes 1-2 days (usually 1 day in my experience if the payment is sent early enough in the day, before 4pm).
Scott;
Welcome to the USAA Member Community Forum.
Thank-you for your service.
Now as for your post and responses.
Thank you for participating in the USAA Member Community Forum.
I forgot to mention you'll need to send the PayPal payment as a family / friends. do not send it as payment for merchandise
Scott;
Thanks for adding that!
Everybody;
Here are some addional PayPal EXTERNAL LINKS:
Keeping Members Informed Is What I Do
I recommend against setting up any kind of connection between your accounts and your tenants. Even in receive-only mode. They will know which bank you use and your account number. The Paypal option sounds intriguing, that might work since it is an intermediary. I've had too many bad experiences with tenants who will use any info they have to get out of a lease or make eviction difficult. I never give them any of my personal info unless absolutely necessary. By allowing the tenant to set-up an automatic payment from their bank to yours, you may be giving them excuse fodder for why payments are late.
Another issue with the direct deposit method is that as a landlord you should only accept full payment. Depending on the state, if a tenant pays a portion of the rent and the landlord accepts it, then the landlord cannot issue a 3-day or quit letter to start the eviction process.
I prefer to have the tenant's use their bank's bill pay service and send an actual check. This adds some of the convenience and automation, while keeping things legal and separate.
Most leases specify the payment method, so make sure to issue a signed lease addendum if you change the payment method.
Scott, I am usually very much in favor of EFT for rent payments, but you bring up an excellent point about partial payments. I do not think there is a way to prevent this problem with either EFT or Paypal. Do you know if any of the payment intermediaries have the capability to designate the amount they will allow?
You've given me something new to think about.
Thanks!
Paypal gives you the option to refuse a payment. Thus, you are not forced to take a partial payment. With USAA you cannot refuse, only return the payment.
Well I should clarify, you can refund the payment, not refuse it...That is more accurate.