Blog Post

INSUFFICIENT FUNDS – A NEW POLICY!

Appfolio Websites • Jun 12, 2019

Seminary Properties is always striving to provide quality apartments, easy access to our team for questions and maintenance issues, and positive customer service experiences. This is a constantly evolving pursuit. In the past, we have created company policies to waive an apartment’s first late rent fee for rents paid after the 5th of the month. We work hard to make sure all new leases have freshly painted and generally cleaned apartments to move into. We address and update tenants regarding work requests within 1-2 business days. We also offer our residents a 24-hour emergency phone number so that a live person is always available during emergencies. These are only some of the polices put in place by Seminary Properties in the past to offer customer service to our tenants.

Seminary Properties has spoken to many of its residents who have had the unfortunate experience of having a rental payment not go through from their financial institution, resulting in an Insufficient Funds Fee (NSF). The reason for the NSF varies: tenants may have entered information into their payment system incorrectly, their banking information may have changed, their account may not have enough funds in it, the bank may have changed their information, or their identity may have been stolen. These are all real-life examples of why tenants’ payments have failed in the past.

Because many of these reasons are the result of an accident or outside theft, tenants are understandably upset when a fee is charged to their account. As a result, Seminary Properties had decided to waive the first NSF fee a lease receives. If a lease receives more than one NSF during their lease, only the first will be waived. In most cases, leases receive either a single NSF or none at all. We hope our residents appreciate this new policy (and that they never need to make use of it).

https://financial-dictionary.thefreedictionary.com/Insufficient+funds

< Older Post Newer Post >