When setting up Rent Collection, you have the option to specify which payments go into which bank account. In the Rent Collection set-up process, select ‘Receiving Bank Account’ from the left menu to select the account where you’d like to receive your Rent & Fees and Security Deposit.
Please note that if you are collecting rent into an external bank account a $2 ACH fee will be charged. The landlord can choose if the tenant or if the landlord pays this fee. If you collect rent into a Baselane Banking Account, the $2 fee is waived.
To update the Receiving bank account details after a Rent Collection has gone live:
1. Go to the Rent Collection tab
2. Click on the Rent Collection that you wish to update
3. Here, you can view the Tenant details, Lease terms, Deposits & Fees, Receiving Bank accounts, and even 'End & Archive' the lease terms. To update the receiving bank accounts, select the box under 'Receiving Bank Accounts' - see image below:
4. Select the desired bank account from the drop-down menu. You can update the receiving bank account for collecting rent payments & fees and/or for collecting security deposits. Note, that rent payments can only be deposited into a Checking account, not a Savings account. However, you can collect security deposits into a Savings account.
5. Ensure you save the changes at the end, to finalize the update