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And so your landlord is requesting 'certified funds' before you can move in. But what does that mean?

Certified funds refer to a type of payment that is guaranteed for clearance by the issuing company. This notion of 'guaranteed for clearance' is particularly helpful with apartments, because, as one tin imagine, the landlord needs to know that funds he/she collects volition definitely clear the bank (especially before a new tenant moves in).

Certified Funds in the Apartment Rental Industry

As mentioned, certified funds guarantee that the landlord will receive payment. This is unlike from non-certified funds, which are basically just a personal check. If a landlord goes to deposit a personal cheque, at that place is the chance that the cheque will bounce and payment will exist denied. Past the time the landlord realizes the check has bounced, they have already given the tenant the keys! Yikes!

What Are Certified Funds For Rent | Key Exchange | www.phillyaptrentals.com

The landlord is out of luck. Hence, certified funds come into play. With certified funds, payments are guaranteed to clear by the company certifying the funds.

Types of Certified Funds

While you should confirm with your specific landlord their expectations on certified funds, some acceptable forms of certified funds by and large include:

Certified Bank check

This is typically issued by a banking concern and proves that the tenant's bank account has sufficient funds to make the payment. The teller may set aside the amount the check is written for so it is available when a check is cashed.

Cashier'southward Check

A cashier's check is issued by the tenant'southward actual bank. For this pick, the banking company withdraws the funds from the account and guarantees the corporeality written on the bank check. Landlords need non worry about the payment because the funds have already been withdrawn for payment.

Money Order

Money orders can be issued by a bank, convenience store, or post office. The tenant transfers the funds to the issuing dominance to receive the money guild, which is then given to the landlord. Since the tenant has already paid, there is no take a chance to the landlord.

Wire Transfer

Online wire transfers from the tenant'south bank business relationship to the landlord may besides be an acceptable payment. There might be a waiting menses involved and too hefty fees, so this is typically non used in the rental industry.

Greenbacks

Greenbacks is some other selection for receiving rental payments every month, which can also be extremely easy. However, in that location may be certain difficulties and disputes associated with cash rental payments such as lack of proof, so it is not as popular as other options.

In a hurry, you can also lookout a video below to summarize this commodity:

Information technology is good to know the diverse payment options y'all have at your disposal, so you lot can choose the most user-friendly one for you lot and your landlord. Happy Renting.

Certified Checks for Apartment Payments