Why should you never give your bank account number for your tenant to deposit the rent?

Why should you never give your bank account number for your tenant to deposit the rent?

Here is why you should never give your bank account number to the tenant, if you're a landlord and get the tenant to deposit money in your bank account. And there are big reasons for that. Welcome to Wealthy Wednesday.

So you should never give your bank account to the tenant to deposit a check, or any kind of deposit to your bank account. Suppose you are evicting the tenant because of nonpayment of the rent, the rule is once you submit the case to the court  you're not supposed to collect the rent because on the three-day notice and also on that claim of the rent, you're putting in a particular amount and if the tenant even pays a little bit of money, say $500 or not even half of the rent, that's considered you accepted that money. Because it went to your bank account. So you have no way to refuse that because it is deposited and it is showing in your bank account. The tenant can go to court and say hey, my landlord just accepted part of the rent and then you have to get another date and it's a hassle.

Also, many times you just don't evict the tenant because of the non-paying of rent. You evict the tenant because they may be not taking care of the property. Maybe there are four people on the lease and there's ten of them living there, many cars on the driveway, maybe they're running business out of a residential property.

So bottom line is they may be breaking the rules of the lease you have or agreement of the lease. So this is one of the ways to avoid the hassle of the eviction process. So, have them mail you a check or money order or whatever other ways, But never give them the account to deposit the money. Hopefully, this information is going to help you to become a better landlord in money management. My name is Shawn Bhakta from Remax Presidential and I'm here to help.

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