Why can't we pay rent by EFT
October 10, 2012 8:02 AM Subscribe
Landlords of AskMe: Why won't most landlords accept rent by way of electronic transfer?
posted by CheeseLouise to work & money (28 answers total) 6 users marked this as a favorite
I've read this
question and this
question on why EFTs haven't replaced paper checks in the U.S. to the extent they have elsewhere in the world. I think I understand why U.S. banks aren't keen on replacing paper checks right now, and why people don't want to pay fees for wire transfers. However, through Chase I can transfer money for free to someone, using just their email address. I assume other banks have this type of payment/transfer option these days as well. I don't have to have a routing number and account number, as far as I know. So why are most landlords still wary of accepting rent by EFT? Is there a complicated process on the other end that makes it a hassle for the landlord to accept the payment? It doesn't seem to cost anyone and it seems much easier for all involved parties, so I must be missing something. If you are a landlord who prefers paper checks to EFTs, please describe why. Thanks!