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Anyone else not accept cash payments for rent anymore?

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  • Anyone else not accept cash payments for rent anymore?

    Sorry if this has been posted before but I couldn't find a post on it. We are no longer accepting cash payments for rent anymore. We've been having too many issues with cash deposits with our bank. They have a new policy where you have to give them a lot of personal info...SSN, birthdate, address, proof of employment, etc...when you do cash deposits. I was informed it was only required if depositing $1000 or more in cash, which we never do at my facility. But other managers have been asked to do it for $100 or less. They don't want to give out their personal information and then they're turned away. So the property manager has to do the deposits for them. One manager did give their information and yet they were asked to supply it again. I have no patience for shenanigans like this.

    So now our tenants have to pay with either a card, check, or money order. Not everyone is happy about this and I've had 4 people give me the business on why they will only pay cash. I told them this is the new policy and if they don't want to adhere to it, then they'll have to take their business elsewhere. I hate saying that but it's the reality of the situation. A lot of apartment complexes won't take cash payments so I don't get why people are being so difficult. Anyone else not accept cash payments anymore? How has it worked out for you?

  • #2
    I wouldn't let your bank control what type of payments you accept from customers. You may turn away customers by doing that. I would switch banks, and when you sign up for the new account, you can add people to the account that are authorized to do deposits.

    Comment


    • #3
      We also have a bank that requires some sort of valid government picture ID for cash deposits EVERY TIME. We filled out all the info and that worked for a while but they changed and now you have to show ID each time. When I asked about it I was told it was to keep a tab on $ going in and out because they were worried about money laundering. If you have a deposit of 50 cents you still have to give an ID. It is a pain in the butt and we hate it but we just work here. We have lots of customers that pay cash and do not want to tell a good bit of our business that they can't pay with cash. If I was told I couldn't pay with cash I would leave too.

      Our own personal bank does not required ID when you deposit $$. Maybe if you deposited alot of $$ but we have not ever had to show ID. The business bank is a nationwide bank.
      The future depends on what you do in the present.

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      • #4
        I receive so little cash from my customers that I put it in my wallet and write a personal check which I run through my check reader from the bank. But this is mainly because it's not a local bank so its not convenient to make a cash deposit. I have heard of just one facility that did not accept cash - autopay via ACH or credit card only. And I have to say I wouldn't mind doing this myself - my cash and check clients that don't use autopay are a big pain in the.... something.

        Excluding cash payments does have the effect of screening clients to some extent, but it could also exclude clients that are going through a domestic situation that necessitates that they pay cash.

        Steve

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        • #5
          I have never heard of this type of a bank policy before, but I am sure it would make me consider switching banks before I would change the policy on my existing customers and stop accepting cash.

          Out of curiosity, why not have the managers just use the over night deposit box? If you are dropping a deposit after hours they can't ask you for ID.

          Comment


          • #6
            The former manager at another facility near had a no cash policy as well, although it had nothing to do with the bank, just facility policy. For the handful of tenants that still paid that way, he just got a money order for the total when it came time to deposit it.
            Too many freaks, not enough circuses.

            Comment


            • #7
              Originally posted by RandyL View Post
              I have never heard of this type of a bank policy before, but I am sure it would make me consider switching banks before I would change the policy on my existing customers and stop accepting cash.

              Out of curiosity, why not have the managers just use the over night deposit box? If you are dropping a deposit after hours they can't ask you for ID.
              The bank I deposit to just started this policy. I have no say in where the accounts are held so I kind of have no choice. For the entire 4 1/2 years I've worked here, I have been the only one to make the deposits. The first time it happened was the end of last month when I made my final deposit for the month. While I really had no issue with it at the time, the teller did apologize and said they now had to keep track of all cash deposits. Unless banking regs have changed since I last worked in one, I think the minimum limit before a "suspicious transaction" form could be filed was $3000. For a business like ours that may get a lot of cash for payments, especially at auction time, I can see this policy turning into a major inconvenience.
              Too many freaks, not enough circuses.

              Comment


              • #8
                Wells Fargo, the bank my last company did business with, REQUIRED me to open an account with them before I could do any company business with them (Only dropping off deposits, that's it). Complaining bitterly did not help me. So I kept the minimum amount (I think it was $300) in there, that's it. When I closed the account because of my leaving the company, the branch manager was sent over to ask me why. I gave them chapter and verse about what I thought about their policies and their predatory practices (I was pounced on about every month to open up some other kind of loan etc.). Then the whole Wells Fargo mess came out not even a couple of months later. Oy.
                The bank here in Charlotte didn't say boo to me, they let me deposit and leave. So refreshing, seriously.
                I want buns of steel.
                I also want buns of cinnamon.

                Newcastle, WA

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                • #9
                  We still have cash customers. If there was ever a time when we couldn't accept cash because of crazy bank standards, I would suggest to the tenant to buy a Money Order or Cashiers Check. These are much easier to deposit at banks.

                  Comment


                  • #10
                    I really do not understand this cash thing with the bank??? We take cash payments at our kiosks and then we deposit it into the bank account for that location. Any where from $100 to $2000 We fill out the deposit slip with the account # for the amount of the deposit give it to the teller and they run the money for counterfeit bills and bingo it is there. They have on file all our info. Are you saying people take their cash to the bank to make their storage payment???
                    Dave (Woodee) Scott

                    Comment


                    • #11
                      For work, I bank with Wells Fargo and this new security feature with having to give my DL each and every time I deposit cash has got to be the stupidest thing EVER!
                      It's cash for crying out loud!
                      I could see if it were for the checks, for me it seems to be more apt to fraud with a check.
                      Not for depositing cash!

                      I also have my personal banking with Wells Fargo!
                      KrisinNC I think you were misled too!
                      Don't put off until tomorrow, what you can do today.

                      Comment


                      • #12
                        I could never do this we have way too many cash customers.

                        Comment


                        • #13
                          Due to the nasty messages I've been receiving in my DMs, I'm going to have this post deleted. Thank you to everyone who replied and to those who felt it necessary to insult me and my facility...God doesn't like ugly.

                          Comment


                          • #14
                            I'm very disappointed to hear Bella is being harassed via PMs. The whole point of SST is to exchange ideas and share your opinions. While you may not agree with someone's actions or policies, you need to respect that it's their right to operate their business how they see fit. Insults of any kind, on the boards or via PMs, are unacceptable. Disagreements are one thing, but to harass someone is not OK. It's in the site rules. If you can't abide by those rules, you're not welcome here and I'll take swift action to remove you from SST.
                            Amy Campbell
                            Editor
                            Inside Self-Storage
                            amy.campbell@informa.com

                            @AmyCampbell_ISS
                            480.281.6091

                            Comment


                            • #15
                              Originally posted by Dave Scott View Post
                              I really do not understand this cash thing with the bank??? We take cash payments at our kiosks and then we deposit it into the bank account for that location. Any where from $100 to $2000 We fill out the deposit slip with the account # for the amount of the deposit give it to the teller and they run the money for counterfeit bills and bingo it is there. They have on file all our info. Are you saying people take their cash to the bank to make their storage payment???
                              No, she's saying her bank has started a policy of collecting the information of the facility employee making the bank deposit for the facility. It seems some of the larger banks, looking at you Wells Fargo, have started this practice and I find it unnecessary. That's why banks have "suspicious activity" forms to file.
                              Too many freaks, not enough circuses.

                              Comment

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