HOM sends the housing assistance payments for our programs to landlords via direct deposit. Deposits are made directly to the landlord’s bank account and HOM sends a payment itemization to the landlord via email or regular mail for documentation and rent posting purposes. Direct deposit eliminates problems associated with lost or stolen checks and saves all of us time and money. Following are some FAQs for Direct Deposit.
Why should I sign up for direct deposit? Direct deposit will benefit you in several ways:
- It saves delays in your payment due to mail delivery
- It saves trips to the bank
- It eliminates the possibility of lost, stolen or forged checks
- Funds deposited via direct deposit are available immediately
How does direct deposit work? HOM, Inc. processes payments using the ACH (Automated Clearing House) system which provides electronic funds transfer (EFT) between banks. Payments are credited to your checking or savings account automatically on the 1st day of each month.
What documentation will I receive for the payment? We will e-mail you a HAP Itemization Report notifying you of the payment being processed. The notification includes the following information:
- Date of payment
- Description of Payment (HAP, App Fee, Security Deposit, etc.)
- Name of Tenant
- Amount of payment for each tenant at the property
- Total amount of the payment
Will HOM mail me a copy of the Itemization Report? Sure.
How do I sign up for direct deposit? Complete the Direct Deposit Authorization Form and fax or mail 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.