Link your bank account
As a landlord, you will be asked to link a bank account for each Rent Schedule that you create. For that rent schedule, all rent payments made will be deposited into that account. You may set up a different bank account for each one of your rent schedules. This is common if you have each property under a different LLC.
If you have already linked a bank account for a previous Rent Schedule, you will be able to select an existing bank account vs adding an account from scratch.
There are 3 ways to link a bank account:
Instant verification using the Plaid service
Manual verification entering your account number and routing numbers
How you link a bank account
You will Create a new Rent Schedule either from the home screen or from your list of Rent Schedules which you can access from the far right navigation icon.
Once you start creating a Rent Schedule, the 5th step during the process will be to link a bank account.
You will select either
Connect existing bank account (only available if you have linked a bank account before)
To connect an existing bank account
Select Connect existing bank account
You will see a list of bank accounts you have connected in the past
Select the specific account you want the funds from this rent schedule to be deposited in
To link a bank account through Instant Verification
We use Plaid to instantly link bank accounts. Plaid is the industry standard, used by all major banking institutions and providers from Bank of America to Venmo. When going through the steps listed below, it is important to note that none of the information being entered or actions taken are happening in our app. All of that information is handled by Plaid and Rentdrop does not see, store, or use any of your personal banking information.
Select Instant Verification
Click Continue on the next screen
Click Continue on the next screen
Search for the banking institution you are trying to link
Enter the user name and password you use to log into that banking institutions online portal
After entering your login credentials, you may be asked to perform some form of verification. This will depend on if you have 2-factor authentication set up with your bank. This can come in the form of a text code sent to your phone, a phone call, or a code sent to your email
Once you have authenticated into your bank, you will see a list of your accounts with that institution
Select the account(s) you wish to connect to Rentdrop and click Continue
You will see a success screen, click Continue
You have now connected bank account to Rentdrop. Now select which of those accounts you wish the funds from This Rent Schedule to be deposited into, click Confirm.
You will see a review screen with Lease Details, and the Bank Account. Click Continue
Linking a bank account through Traditional Verification
Select Traditional verification
Enter the Routing number and Account number twice
Select either Checking or Savings
Wait 2-3 days for the 2 micro deposit amounts to hit the bank account you select.
View the account activity on the bank account and find the 2 charges that will be less than $0.2
From the Home screen on your Rentdrop app, find the card that says Tap here to complete bank account verification and select it (this will only appear after you have created your first Rent Schedule)
Enter the 2 micro deposit amounts
Click Continue on the confirmation screen
Click Continue on the success screen