RentTrack processes and sends resident's payments to their banks the same day they are made. Banks will use the next business day as the Settlement Date. For most property managers* RentTrack funds your account on the Settlement Date which is the next business day (this excludes weekends and holidays). Banks have up to 48 hours from the Settlement Date (e.g the day after a payment processes) to notify you regarding a returned payment. If the payment is returned, RentTrack will notify you via a reversal email the day a payment is returned. The funds will be deducted from your account the next business day. For questions on specific return reasons please visit http://help.renttrack.com/making-payments/why-did-my-e-check-payment-get-returnedreversed
For a very simple example;
- Resident makes a $100 payment on Monday.
- The $100 payment settles to property managers bank account on Tuesday (Settlement Date).
- Resident bank notifies RentTrack payment was insufficient funds on Wednesday, RentTrack sends property manager and resident a notice on Wednesday the payment was returned.
- Property managers account is debited $100 on Thursday.
* Certain clients may not be setup for next day funding, depending upon what country you are in or if you have specific deposit timing settings.