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Deposit Only Debit Cards

I have rental property and naturally collect rent each month.  While I was in Florida last year, I found that I could open a Business Account at Bank of America (without the need of a Business License) which allowed me to receive Debit Cards for myself which had all rights to withdraw, change password, deposit, etc.  But it ALSO allowed me to get Deposit Only Cards for my tenants to pay rent with.  For some reason, no Washington State Bank offers this without a Business License, which is not a requirement on rental property.  Whoever does this first, I'm all in.

 

3 Comments
Community Manager
Status changed to: In Development

Hey @MEH!

 

Gotta love it when our new members have a great idea right out of the gate!

I connected with our Business area and was able to confirm that a Deposit Only ATM Card is in the works. This type of card would allow for deposit transactions and the receipt would not display any account balance.  This would typically be given to an employee who should only have the ability to make deposits. While I hesitate to provide a definitive launch date as we're in the process of building and testing it right now, it's anticipated to be released this year. (Ask and ye shall receive.)

 

With respect to the business license requirements, our documentation requirements for opening a business account vary by business type AND we're currently evaluating our process for opening business accounts to simplify the process for members, including documentation requirements. Regardless of the documentation requirements, we validate that the business is active and legal through a verification process.  If you'd like to learn more about this, feel free to send me a private message and I can have a Business Specialist contact you.

 

Keep those great ideas coming! And welcome to the MIX Community!

 

Cheers!

StaceyC

Trailblazer

@StaceyC Any update on this? No urgency. Just curious. Robot Happy

Community Manager

@Coolcolly- Thanks for checking in on this! We’ve experienced the (inevitable) delays, but we’re hopeful it will be available by year-end. We’ll keep a pulse on it and provide an update as we learn more. Cheers, KristinA