Rejected/reversed EFT payments
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Dan Brainard
Jun 6, 2017, 3:17:09 PM6/6/17
to Buildium User Forum
How are late fees handled when a tenant's EFT payment is rejected or reversed, causing rent to be late?
In this case, the tenant paid vie EFT on the 3rd, which is the last day to pay without penalty. The EFT was later rejected so that now, on the 6th, we still do not have rent. But the system doesn't seem to recognize this as late since the EFT was initiated on time (the 3rd) and no late fee has been charged to the account? Do I need to manually add the late fee, as opposed to it autocratically being charged as is usually the case when a tenant pays late?
In this case, the tenant paid vie EFT on the 3rd, which is the last day to pay without penalty. The EFT was later rejected so that now, on the 6th, we still do not have rent. But the system doesn't seem to recognize this as late since the EFT was initiated on time (the 3rd) and no late fee has been charged to the account? Do I need to manually add the late fee, as opposed to it autocratically being charged as is usually the case when a tenant pays late?
Andy Petzold
Jun 7, 2017, 6:25:48 PM6/7/17
to Buildium User Forum
Yeah, we apply the late fees for the day(s) where the payment was pending would be applied retroactively and manually. We also charge an NSF fee or equivalent at the same time and turn off their ability to pay by EFT for the next couple months.
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