Auto Debit! - Posted by Scott (AK)
Posted by Scott (AK) on December 10, 1999 at 13:18:54:
Contact your bank like was suggested below, tell them you would like for them to auto debit another persons account for their rent payment each month. They will give you a paper to have the tenant fill out with information about the account, the routing number, and other vital info. Have the Tenant sign it and take it back to your bank to set it up.
I use this on almost every deal I have done. It’s extremely simple and the form for the T/B to authorize it has become a standard form in the stack of papers of how we do business.
If you do a lot of deals you might want to consider it. I love just simply logging on my computer and looking at the deposits each month.