Why is my TurboTenant rent payment not showing up in my bank account, and what can I do?
TurboTenant aims to ensure smooth and timely rent transactions between tenants and landlords. However, bank processing timelines or delays can sometimes cause deposits to take longer than expected. This article explains why your TurboTenant rent payment may not be showing in your account and provides steps to resolve the issue.
Timeline by Plan
Payment Type | Standard (Free) | Essentials & Pro Plan |
ACH (Bank Transfer) | 5–7 business days | 2–4 business days |
Credit / Debit Card | 2–3 business days | 2–3 business days |
Any payment over $10,000 (any plan) | 5–7 business days | 5–7 business days |
Weekends and bank-observed holidays do not count as business days.
Common Reasons for Delays in Rent Deposits
Bank Processing Times - Banks often take 3-5 business days to process payouts, even when TurboTenant's system has marked the payment as deposited. This is standard for many financial institutions.
First-Time Payments - For first-time payouts, banks may require additional verification time, which can delay the deposit.
After-Hours or Weekend Payments - Payments made after business hours or on weekends and holidays are processed on the next business day. For example, a Friday night payment may not begin processing until Monday. This may extend the expected deposit timeline.
Bank Approval Delays - Banks may take extra time to verify deposits, especially for uncommon transactions like those from TurboTenant.
More Verification Documents Requested - Check your Payments tab to see if more information is requested. If you’re seeing a request for additional information, that may be why your payment hasn’t come through yet. Stripe, our payment processor, is legally required to verify accounts before releasing funds. This typically indicates there is a mismatch of information when they reviewed your account. To resolve this, you'll need to click "Upload Documents." Click here to learn more about verification document verification and how to resolve it.
Why Don’t Payments Process After Banking Hours or on Weekends?
If your tenant makes a payment in the evening, on a weekend, or on a holiday, you may notice the funds show an estimated deposit date extended by an additional 2-3 calendar days.
This is because most bank transfers (including rent payments) are processed through the Federal Reserve settlement system, which only operates Monday through Friday, during business hours.
Here’s what that means for you:
After cutoff times: Payments submitted after your bank’s daily cutoff are queued and begin processing the next business day.
Weekends and holidays: Payments made on Saturdays, Sundays, or federal holidays will not move forward until banks reopen.
Security and accuracy: This schedule ensures payments are transferred securely, with the right records and protections in place.
Example: If a tenant pays rent late Friday night, the transaction won’t begin processing until Monday morning (or Tuesday if Monday is a holiday).
Steps to Troubleshoot Missing Deposits
If your rent payment is not visible in your bank account, follow these steps:
Confirm Payment Status: - Verify in your TurboTenant account that the payment has been marked as deposited. If not, it may still be processing.
Contact Your Bank: - Check with your bank if the payment is pending or delayed on their end. Be prepared to provide the following details to assist the bank: - Trace ID Number (or equivalent reference number). To obtain this information, you can contact your team.
Wait for Bank Processing Times: - Allow up to 5 business days for the funds to appear. Exceptions may occur with first-time payments or after-hours payments.
Escalate with TurboTenant Support: - If your bank cannot locate the funds after a thorough check, you may request a signed letter from your bank confirming this. TurboTenant can use this document to initiate an investigation with their payment processor (Stripe).
Best Practices for Faster Transactions
Schedule Payments During Business Hours: Payments processed earlier in the week have a shorter delay since weekends do not count as business days.
Monitor Payment Status Regularly: Log in to your TurboTenant account to see real-time updates on payment status.
Keep Bank Information Updated: Ensure that your bank details are accurate in your TurboTenant profile to avoid misdirected payments.
By understanding common delays and following these troubleshooting steps, you can address most deposit timing issues effectively and promptly.