"If February is a short month, why do I have to pay a full month's rent?"

Although the importance of the information may appear obvious to many, it always amazes me how many landlords overlook it or don’t check it out. A prospective tenant that does not have a checking account is a red flag. My experience as both a landlord and owner of Rent Recovery Service has consistently shown that an adult without a checking account is probably a very high risk tenant. They either could not get an account due to improper identification, illegal alien status or their account was closed by the bank for bouncing too many checks. In any event, landlords beware.

Assuming your prospective tenant has a bank account, check it out. Call the bank to confirm the funds and ask for an account rating. Most banks will indicate when the account was opened, the range of their average balance and verify whether or not the check they have given you is good. Do not let them move in until you have received this information.

Once again the information provided is perfect for cross checking. Are the names and addresses on the check consistent with all of the other information provided? If a photocopy machine is not available, write the bank name, address, and account number on to the application.

If the name on the check happens to be someone other than your prospective tenant, ask questions.  Is it a prospective roommate?  A parent helping out?  If so, this may indicate the need for a co-signer.

The existence of a bank account is an indication of stability and responsibility.  It is also an indication of where to go to levy money in the event the tenant gets evicted for defaulting on the rent.  An added precaution I always advise my clients is to confirm the bank account information each month the rent is paid.  Doing this will ensure that your records are always kept current and will flag a possible change in responsible parties or a tenant in trouble.

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