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Receiving Payments to me electronically
Old 10-13-2009, 07:54 AM   #1
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Receiving Payments to me electronically

So I know I can pay my bills electronically, but does anyone know of a way that I can receive a monthly payment electronically to my account from an individual- short of using Paypal?

We made a personal loan to a relative, and payments will start in January. Since we will be traveling, is there a way to have them make a payment to my account?? We use USBank if that helps.
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Old 10-13-2009, 08:38 AM   #2
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Maybe the easiest way to do this is just give them deposit slips and have them mail in the deposit to your account.

Otherwise, your bank will have wire transfer instructions that they can take to their bank. I don't know if their bank would let them automate the wire transfer so it occurs every month.
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Old 10-13-2009, 08:42 AM   #3
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Deposit slips works best. Can also have the check mailed to the bank made payable to "FBO Bizlady acct # 123456". It'll get there ... did this for years paying a loan.

Paypal's 4% fee is a good reason to work around them.
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Old 10-13-2009, 10:00 AM   #4
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I overlooked the obvious! Had thought about giving them deposit slips, but never thought about the check getting mailed straight to the bank rather than to us. Using FBO is also a good idea. Perfect solutions- thanks folks!
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Old 10-13-2009, 10:34 AM   #5
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Here in Canuckistan we I can use the banks on-line services to move money from our account to anyone dealing with that bank. I do this often to DW's account and when the kids were in school in another city with them also.

I believe I can use it with another bank's customers but have never tried.
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Old 10-13-2009, 11:59 AM   #6
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Quote:
Originally Posted by bizlady View Post
I overlooked the obvious! Had thought about giving them deposit slips, but never thought about the check getting mailed straight to the bank rather than to us. Using FBO is also a good idea. Perfect solutions- thanks folks!
As Ed points out, you have a couple other choices that can make this even more foolproof easier for your payer. Our credit union puts a deposit hold on paper checks over a certain amount, but they happily (and immediately) credit electronic deposits. Depending on the mail and your bank, an electronic funds transfer (EFT) might be less hassle.

With your bank account number and your bank's routing transit number (RTN), your payer can have their bank automatically and electronically transfer the money to your account on the monthly due date. They only have to set it up once and then they just have to make sure that their account has sufficient funds at the due date to support the transfer. This is how we make our mortgage payment from my checking account to the mortgage bank.

Our tenants pay us via an automatic monthly electronic funds transfer which they set up through Online Banking | Online Resources. ORCC first mailed us a paper check with instructions on how to set up the EFT (again we gave them our account number and our credit union's RTN) and now the rent shows up in my checking account on the 1st of the month. I don't know if they pay ORCC for the privilege or if it's a "free" benefit of their brokerage account.

So our tenant's rent payment is automatically deposited in my checking account on the first of the month. On the fifth of the month, our home mortgage payment is sucked out of my checking account and sent to our mortgage bank. On the 10th, our rental's mortgage payment is sucked out of my checking account by our credit union. As long as the tenant's EFT doesn't "bounce", I can just sit there and watch the money fly around without doing a thing...
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Old 10-13-2009, 02:30 PM   #7
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I overlooked the obvious! Had thought about giving them deposit slips, but never thought about the check getting mailed straight to the bank rather than to us. Using FBO is also a good idea. Perfect solutions- thanks folks!
What sort of extra protection does FBO provide?
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Old 10-13-2009, 04:24 PM   #8
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Not sure that FBO (For the Benefit Of) gives any protection, but making the check out to the bank, and adding the FBO makes it harder to cash a check if someone got it. Also should allow the bank to look up the account and make the deposint without adding our acc't #

Will checkout ORCC too- thanks for the lead...
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Old 10-13-2009, 05:46 PM   #9
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Another possibility would be for them to set up the payment as a direct deposit with their employer.

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