Auto debit tenant accounts

[Lyndat]

Hi all,
I was talking to another REIN memeber who has their monthly rent collected via an auto debit through the bank. I believe she said that there is a 250.00/year charge, plus a small monthly fee as well. This would be extremely beneficial especially with numerous tenants. They then receive a print out of all the transactions. Does anyone have any experience with this? My Scotia bank seems reluctant to find out if they can do this. Small branch and I just don`t think they have done it before. But would make my world a whole lot easier.

Thanks
Lynda

 

[MonteDobson]

I have also tried Scotia with no luck. May want to try ATB, CIBC or Credit Unions. Some may require you to set up a corporate account.

Also try http://www.beanstream.com/public/index.asp

Hope this helps.

 

[bearhunter007]

QUOTE (Lyndat @ Oct 17 2008, 05:42 PM) Hi all,
I was talking to another REIN memeber who has their monthly rent collected via an auto debit through the bank. I believe she said that there is a 250.00/year charge, plus a small monthly fee as well. This would be extremely beneficial especially with numerous tenants. They then receive a print out of all the transactions. Does anyone have any experience with this? My Scotia bank seems reluctant to find out if they can do this. Small branch and I just don`t think they have done it before. But would make my world a whole lot easier.

Thanks
Lynda

I use First Calgary`s CAFT system. CAFT stands for "Customer Automated Funds Transfer". I can`t remember what it cost me to set it up but it costs me $5 to send a batch of transfer requests say at the first of the month.

I can`t say I`ve ever had good customer service at Scotia.

Regards,

James

 

[Thomas Beyer]

we use ATB for 100+ tenants in Alberta .. and some CIBC in other provinces although CIBC`s rules are "tougher" .. I`d recommend ATB if you are in AB .. both form a safety, ease of use and fee point-of-view ..

if it is important to you, switch banks .. now you have a lever to discuss fees, service levels .. it is a free and competitive (banking) world out there .. use it !!