Here are answers to frequently asked questions about rent collection and how long to receive/process/transfer rent payment funds from the tenant's account to yours!
How long until the rent payment shows in RentRedi?
Immediately! After a tenant initiates their rent payment, it is recorded in RentRedi in real time.
How long until it comes out of the tenant's account?
Payments made during normal banking hours are typically reflected on the tenant's side that day or in 1 business day.
How long until payments are available in your bank account?
Payments are usually available in the landlord's account within 4-5 business days.
Our processor uses a 3-day hold to allow time for most banks to confirm the availability of a tenant's funds, resulting in deposits to the landlord account typically on the 4th business day after submission of payment.
What is the deposit schedule?
The deposit schedule for RentRedi for our standard processing:
Payments submitted on: Should be deposited on:
Monday Friday
Tuesday Monday
Wednesday Tuesday
Thursday Wednesday
Friday Thursday
Please note the deposit schedule may vary due to several factors and the schedule above does not account for any delays outside of our control, such as a delay in the national banking system.
Note: When you first sign up, payments undergo a standard verification process. As a safety measure for everyone on the platform, it may take a little longer to process payments at the very beginning.
Additionally, your bank may have their own policies about how long they hold your funds before they make them available, so you can check with your bank regarding that if you would like.
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