Dallas-Fort Worth Real Estate Investor Club

Chase debit card to pay rent?

  • 03 Nov 2015 4:56 PM
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    Message # 3614661
    Cynthia

    I opened a business account at Chase bank.  They suggested a tenant deposit ATM card for quick rent payment.  A tenant can go to any chase bank or atm to directly deposit rent funds in my account.  They cannot withdraw, it's a deposit only debit card.  Sounds really convenient,  does anybody use this?
  • 03 Nov 2015 11:42 PM
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    Reply # 3615013 on 3614661
    Robin Carriger (Administrator)

    We used those Chase deposit-only cards at one time, but we were told they were phasing them out.  How recently did they make this recommendation to you?
  • 04 Nov 2015 1:41 PM
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    Reply # 3616807 on 3614661
    Deleted user

    Robin, it looks like you're on to something here.... Look at this string and the date (2014)...

    https://www.biggerpockets.com/forums/52/topics/116033-chase-bank-discontines-the-deposit-only-atm-card-system 

    Brian R. Baker, MBA

    Texas Housing Partners LLC.  
  • 04 Nov 2015 8:09 PM
    Quote
    Reply # 3617204 on 3614661
    Cynthia

    Robin, I got one last month.  I tested it out,  it is a true debit card but only has $1.00 limit for purchases. The tenant used it to make a deposit,  I got an alert on my phone notifying me of the deposit. It works at all Chase ATM's  or they can walk into a bank for a deposit.   I think it's a very convenient idea and I don't have to chase down the check. Anybody else ever used this payment system?
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