Do We Can Pay For Post Office Money Order Our Apartments Bill

Abode | Blog | What are Certified Funds for Flat Rent?

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So your landlord is requesting 'certified funds' before yous can move in. But what does that hateful?

Certified funds refer to a type of payment that is guaranteed for clearance by the issuing company. This notion of 'guaranteed for clearance' is particularly helpful with apartments, because, equally one tin can imagine, the landlord needs to know that funds he/she collects will definitely clear the bank (especially before a new tenant moves in).

Certified Funds in the Apartment Rental Industry

Equally mentioned, certified funds guarantee that the landlord will receive payment. This is different from non-certified funds, which are basically just a personal check. If a landlord goes to deposit a personal cheque, there is the take chances that the bank check will bounce and payment will be denied. By the time the landlord realizes the cheque has bounced, they have already given the tenant the keys! Yikes!

What Are Certified Funds For Rent | Key Exchange | www.phillyaptrentals.com

The landlord is out of luck. Hence, certified funds come into play. With certified funds, payments are guaranteed to clear past the company certifying the funds.

Types of Certified Funds

While you lot should confirm with your specific landlord their expectations on certified funds, some adequate forms of certified funds generally include:

Certified Check

This is typically issued past a depository financial institution and proves that the tenant's banking company account has sufficient funds to make the payment. The teller may fix aside the amount the cheque is written for so it is bachelor when a cheque is cashed.

Cashier'due south Check

A cashier's bank check is issued by the tenant'southward bodily bank. For this pick, the depository financial institution withdraws the funds from the account and guarantees the amount written on the cheque. Landlords need not worry about the payment because the funds have already been withdrawn for payment.

Coin Guild

Money orders can exist issued by a bank, convenience store, or post office. The tenant transfers the funds to the issuing authority to receive the coin order, which is and so given to the landlord. Since the tenant has already paid, at that place is no hazard to the landlord.

Wire Transfer

Online wire transfers from the tenant's bank account to the landlord may likewise be an acceptable payment. There might be a waiting period involved and also hefty fees, so this is typically not used in the rental industry.

Greenbacks

Greenbacks is another selection for receiving rental payments every calendar month, which tin also be extremely piece of cake. However, there may be certain difficulties and disputes associated with cash rental payments such as lack of proof, so it is not every bit popular every bit other options.

In a bustle, y'all tin also sentry a video below to summarize this commodity:

It is good to know the diverse payment options you lot have at your disposal, and then you can choose the most convenient one for you and your landlord. Happy Renting.

Certified Checks for Apartment Payments