How long does it take for a payment to be deposited?

 

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  • Wednesday: Funds are withdrawn from the tenant's bank account.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.***

 


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