How do I select or update the bank account where I receive rent payments in Baselane?

When setting up Rent Collection with Baselane, you can choose which bank account receives your tenant payments. This allows you to direct rent, fees, and security deposits into the appropriate account.

You can select the receiving account during the initial Rent Collection setup or update it later if needed.

In this article, we will cover

• How to choose the receiving bank account during Rent Collection setup
• How to update the receiving bank account after Rent Collection is active
• Frequently asked questions

How to choose the receiving bank account during Rent Collection setup

During the Rent Collection setup process, you will select where tenant payments should be deposited.

1. Select the Rent collection tab (Key icon).

2. Select Set up rent collection. 

3. Select the property and complete the rent collection terms (Steps 1-4).

4. Step 5 will ask you to select the bank account you wish to receive rent or security deposits. 

5. Continue through the remaining setup steps and complete Rent Collection.

Note: When rent payments are deposited into a Baselane Banking account, the $2 ACH processing fee is waived. This allows you to receive tenant payments without additional fees. 

If you choose to receive rent payments into an external bank account, a $2 ACH fee will apply to each ACH payment from your tenant. The fee is automatically charged to the tenant, though landlords can choose to cover the cost if preferred.

When receiving rent into a Baselane Banking, rent payments and fees must be deposited into a checking account. Security deposits can be deposited into either a Baselane checking or savings account.

How to update the receiving bank account after the rent collection terms are set up and active

If you need to change the bank account that receives tenant rent payments, you can update it directly in the Rent Collection settings.

1. Select the Rent collection tab (Key icon).

2. Select the active Rent Collection you want to update the receiving bank account.

3. The Rent Collection Details drawer will open. 

4. Select the field under Receiving Bank Accounts.

   • Located under the Rent collection terms. 

5. Choose the desired bank account from the dropdown menu for:

   • Rent payments, fees 

   • Security deposits. 

6. Click Save Changes to apply the changes.

   • Once saved, future tenant payments will be directed to the updated bank account. 

Note: We recommend updating the receiving bank account only when invoices are not scheduled or are currently being processed. If invoices are already scheduled or in progress, wait until they have been completed before making changes to the receiving bank account.

Frequently asked questions

Is there a fee if I collect rent into an external bank account?

Yes. A $2 ACH fee applies when rent is deposited into an external bank account. The landlord can choose whether the landlord or the tenant pays this fee.

Is the ACH fee waived if I use Baselane Banking?

Yes. The $2 ACH fee is waived when rent payments are deposited into a Baselane Banking account.

Can I receive rent payments to different bank accounts?

Yes. You can choose separate receiving accounts for rent payments and security deposits during setup or update them later in the Rent Collection settings.

Can rent be deposited into a Baselane savings account?

No. Rent payments and fees must be deposited into a Baselane checking account. Security deposits can be deposited into either a Baselane checking or savings account.

Can I update the receiving bank account while invoices are scheduled or processing?

We recommend updating the receiving bank account only when invoices are not scheduled or being processed. If invoices are already scheduled or in progress, wait until they have been completed before making changes to ensure payments are deposited into the correct account.

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