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Direct Deposit – ACH Payments

Checks are so 20th century. Did you know that 73% of the landlords that participate in the HOM housing programs receive their housing assistance payments via ACH?  An Automated Clearing House (ACH) is an electronic funds-transfer system run by the National Automated Clearing House Association (NACHA).  This system makes receiving your rent extremely fast and easy, with same-day settlement of most, if not all, ACH transactions.

When you receive your housing assistance payment(s) via ACH, we also send a detailed itemization to you via email for documentation and rent posting purposes.  Direct deposit eliminates problems associated with lost or stolen checks and saves all of us time and money.

Direct deposit benefits you in several ways

  • It saves delays in your payment due to mail delivery
  • It saves trips to the bank or fumbling with the mobile deposit machine in your office
  • It eliminates the possibility of lost, stolen or forged checks
  • Funds deposited via direct deposit are available immediately on the first business day of each month

Documentation for posting rent

We e-mail you a HAP Itemization Report notifying you of the payment being processed before we even send the payment. The notification includes the following information:

  • Date of payment
  • Breakdown of payment (HAP, application fee, security deposit, etc.)
  • Name(s) of tenant(s)
  • Amount of payment for each tenant at the property
  • Total amount of the payment

Don’t have e-mail?  Seriously?  Yes, we will mail you a copy of the itemization, if not.

Sign Up Now

It’s easy to sign up.  Complete the Direct Deposit Authorization Form and return it to our office. We will process your request and e-mail you a confirmation that your account has been set up properly and the effective date of your first payment.

What if my bank account information changes?

Just send in a revised Direct Deposit Authorization Form to our office. We will process your request and e-mail you a confirmation that your changes have been made along with the effective date of the next payment.

Already signed up for ACH?

We’re grateful.  You’re awesome.

By |2018-12-27T14:34:01+00:00December 23rd, 2018|Collaboration, Landlords, Teamwork|0 Comments

About the Author:

Michael Shore is President and CEO of HOM, Inc., a leading provider of permanent housing solutions that end homelessness for individuals and families throughout Maricopa County. Michael served as Director of Operations for the 100,000 Homes Campaign team from 2012-2014. He is also a member of the board of directors for the Crisis Response Network. Tweet at him at @shikemore.

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