Home › Forums › Compliance Anchor Member Forum › Third party making deposits (Tenant to Landlord Account)
- This topic has 1 reply, 2 voices, and was last updated 1 month, 2 weeks ago by
Timothy McKay.
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- May 5, 2025 at 1:57 pm #29224
Kerri MartinParticipantWe have a landlord that wants his tenants to make deposits to his account at our bank to pay their rent. The tenant would then be given a receipt for the deposit. No balance would be printed on the receipt, but the last 4 digits of the account number would be on it. Has anyone run into issues with this type of arrangement?
- May 19, 2025 at 1:16 pm #29712Timothy McKayParticipant
Hello Kerri,
Personally, I have not seen any issues with this type of arrangement in the past. However, the risk is there for potential issues. Allowing someone, other than the account holder, to make deposits always has a level of risk. A better solution would be to have the landlord open a separate just to accept rental income and the owner can then transfer the funds afterwards to the correct account. This would help to mitigate the risk of giving an unauthorized individual the final four of the account number.
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