Everytime we pay someone a cheque we provide that information as the cheque shows our account number and transit number. Is providing tenants with the account information for the purpose of them automatically depositing the amount to the owner`s bank account considered safe/recommended or not? I understand some might prefer the opposite way - to withdraw the amount from the tenant account but not all tenants wil agree to that. Plus, not sure if the bank fees are not higher when going directly to the tenants account - 2 potential reasons to actually have them deposit into your account(?) THANKS.
Personally, I don`t like giving out that information either. One of our tenants deposits to our account via email. It works well and your tenant needs to set up online banking and then they can email transfer to you. All you have to give them is your email address. They don`t need any other information from you to do the transfer.
This method only works if you both are set up with online banking at one of the major banks. Worth a try and you may rest easier?
