Essential Factors for a Successful Tenant Screening – Bank and

Essential Factors for a Successful Tenant Screening – Bank and Savings Account

Experts often say that a prospective tenant who does not have a checking account is red flag, something that needs immediate action. He is probably a very high risk tenant. There is a possibility that they could not obtain an account due to improper identification, illegal alien status or other account was closed by the bank for bouncing too many checks. So, landlords must beware.

Assuming your prospective tenant has a bank account, try to check it out. What you can do is call the bank to confirm the funds and then ask for an account rating. Most banks will actually indicate when the account was opened, the range of their average balance, and then cross check if the check they have given you is good. Never let them move in until you have obtained this information.

One thing to note here is that the existence of a bank account is an indication of stability and responsibility. It is also an indication of where to proceed to levy money in case the tenant gets evicted for defaulting on the rent. So if possible, confirm the bank account information every month when the rent is paid. This will ensure that your records are always kept current and will even flag a possible adjustment in responsible parties.

Avoiding Bank Fees

Occasionally many of us will experience the dread of a bounced check, this will result in an abundance of fees that include an overdraft charge and a fee for the bounced check with the bank alone. Not to mention the fee charged by the establishment that accepted the check. This article is geared towards helping you avoid fees that are typically associated with bouncing a check. It is important that you consistently keep track of everything that goes in and comes out of your checking account.

Each time you perform anything on your checking account it is important that you update your register. This holds true with each check that is written, any withdraws made via an ATM machine, if make use of your debit card for a purchase, or if you use your account as a direct payment method for our expenses. Any time that you do any of these actions and do not have the proper amount within your checking account; it will result in your account being overdrawn.

When this happens your bank has a few choices, they could either pay the amount owed even if you do not currently hold the correct amount in your account. If they choose this option, you will be charged what is called an overdraft charge. Your bank could also choose to simply return the check marked NSF (Non Sufficient Funds) without paying a penny on it, you will then be charged a fee for bouncing the check with the bank as well as the merchant.

To avoid these fees make sure you are consistent within your register, make sure that you write every check, withdrawal, or purchase within it immediately, along with any fees that are charged with these actions. Keep your register balanced at all times, this will help ensure that you have an up-to-the-minute track of what you do and do not have. Furthermore, make sure you always keep track of any online payments and direct debit payments that you could have created for utility payments or other types of expenses. When you receive your statements every month, always balance and review them with your register. This will help you know which checks have or have not cleared as of yet.

If you do happen to make an error, you should immediately deposit the proper amount of funds into your account to try to avoid any additional fees that may be charged. In addition, you ca help with these fees if you have a savings account linked directly to your checking account to help cover these types of events. You could also apply for credit with your bank to set up a limit of overdraft; this allows the bank to lend you the money you would need to cover your bounced check or overdraft.