I don't know whether it is the PUSH to depart BoA and Wall Street banks in solidarity with the Occupy movement or whether they have 'seen the light'; however, several of my residents have chosen to change banks before the end of the year.....and their automatic ELECTRONIC payment for their RENT may not be honored.
YES * they should have be banking locally; however, for whatever reason * new $5 debit card fees or sympathy with the revolution against Wall Street, they are doing it NOW and at the end of the year.
UGHHH!
One tenant, when e-mailing that his rent will bounce for December, announced that he has not had a paper check book for years so he can not replace his NSF check with his personal check. HELLO! Go to your OLD/NEW bank and PAY THE FEE and get a CERTIFIED or BANK CHECK as the replacement and BRING IT TO MY OFFICE.
I have wording in my lease documents that allows me to REQUIRE rental payments by BANK or CERTIFIED funds if residents present NSF checks. I am electing this option once a check is presented and returned NSF.
When residents baulk at this extra cost and time consuming endeavor, I remind them of their requirement is to PAY THEIR RENT by the 5th OF THE MONTH. When they abuse my allowance for a paper PERSONAL check, they can have the bank send me a check or they can arrange their finances to send me a BANK or CERTIFIED check by the 5th.....they have OPTIONS and so do I!
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