It takes 2 business days (excluding weekends and bank holidays) for a rent payment to be deposited into the landlord's bank account.
Landlords and tenants should discuss whether the rent is considered on-time when the payment is initiated or deposited.
A payment must be made by 5:00 p.m Eastern Time in order for the transaction to begin on that day. If a payment is made after that time, then the transaction won't begin until the following business day.
Here is an example timeline for a rent payment:
- Tuesday: Create and submit a payment in TurboTenant by 5:00 p.m. Eastern Time. Created funds are debited from the tenant's bank account.
- Wednesday: Funds are withdrawn from the tenant's bank account.
- Thursday: Funds are deposited and available in landlord's bank account.
***Please note: Processing may take longer if it is the initial payment or if a payment is flagged for review by our financial partner.***
TurboTenant Pro Tips
- Want to check the status of a payment? Take a look at our article for more information: How do I view my payments?