I have a couple of properties in a small mining town, for one house my problem is the tenants are paying the rent directly into an account I set up with a deposit book, when I get online to check he has paid rent each week all it states is that there is a deposit of $170. What do I do if the next house is rented out for $170 too and someone doesnt pay rent for a week. At the moment I wont know which tenant it is.
How does everyone else get around this problem?
Is there a way I can get the bank to tag each deposit so I know what property it is for?
My local bank branch isnt much help with stuff like this.ben
You could simply set up another account. But I think there is a way around it, by getting different deposit books that are coded. So each will appear differently on your statements. Let the bank know your problem and see if they can help.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
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Your bank should be able to issue coded deposit books so all your deposits go into the one account, but there is a number s howing which property it relates to.
I have several deposit books for one account. The tenants are happy too, because they know that their payment can’t be confused with anyone else’s as long as they use the coded deposit. One tip might be not to give the whole book to the tenant so if they mislay the book you can give more slips to them while you are waiting for a new deposit bok from the bank.
[blush2]My first post on a forum![blush2]
Another way around this could be to use Internet Banking where the tenant can put their “code” or their surname as the reference which shows up on your statement. I’m not sure how Direct Debit works, however that could also be another avenue for you. I’m an Netbanker myself!Nicole
Internet banking is best for both but presuming they don’t hve net access or online banking being in the sticks.
Coded deposit books are the way to go. You can get them numbered 1 to 81 (my goal in properties haha).
they cost $10 each depending on your bank
Byronent
Adelaide SAWestpac charged me $4 for each number coded book, I’m sure other banks do the same.
If the tenants do it direct to your a/c, tell them they have to have there name next to it, otherwise you won’t know who it is and won’t be able to receipt it, FOR THEM.Try EziDebit (http://www.ezidebit.com.au).
Rgds.
Lucifer_au
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