Landlord Alert
Unspoken banking rules that may bite you hard.
The old Banking clearing rules provide the payee ( tenant) was able to get up to 6 months of payments refunded, if the payee provide written notice that the payments were not allowed, and the bank had no choice but to refund.
The newer rules had shorten this to 2 months. and is making the tenant harder to complain.
I am not sure what the General Bank Clearing Rules are for refunds today.
Still had the occasional tenant receive a refund from the bank, and then we had to chase the tenant. Of course, my bank just took the funds from my account.
I currently do not pre-authorized chequing payments for rent and have not for about a year. My property manager does it on my behalf.
I only offered this service to "the best tenants only" .