Rent payment method

barry55555

I have been paying rent using online banking for years but the complete apartment block was recently sold and the new management agency sent me a standing order form to complete.
They have not suggested any other forms of payment. I have been renting over 6 years at my current address and have never made a late payment.
Can the agency insist on a particular payment method?
I haven't asked them yet but id like to know my rights first.

johnnyskeleton

Is there any reason why you cant do a standing order? Its the same as making monthly transfers except it happens automatically. Unless they are asking you to sign a direct debit. What does the lease say?

The_Conductor

Barry- if there is ever a dispute- under the new SEPA rules- you can automatically reverse payments made over the preceding 3 months by calling into your local bank branch. You're actually safer with a standing order like this- than you are making the payments online. Ask customer service in your local bank branch for more information.

The J Stands for Jay

The_Conductor wrote: »

Barry- if there is ever a dispute- under the new SEPA rules- you can automatically reverse payments made over the preceding 3 months by calling into your local bank branch. You're actually safer with a standing order like this- than you are making the payments online. Ask customer service in your local bank branch for more information.

SEPA is for detect debits, not standing orders.

The J Stands for Jay

If you continue paying using online payments, how will they know the payments they receive haven't come by SO? They'll only see the money arriving in their account

The_Conductor

McGaggs wrote: »

SEPA is for detect debits, not standing orders.

My bad.

Greenmachine

Why is rent paid to the management company. Isn't it normally paid to a private landlord. I understand renting from a management company is the norm in other country. I have just never heard of it in Ireland.

The_Conductor

Greenmachine wrote: »

Why is rent paid to the management company. Isn't it normally paid to a private landlord. I understand renting from a management company is the norm in other country. I have just never heard of it in Ireland.

Management Agency- not Management Company......
Lots of landlords use management agencies- so they are insulated from dealing with tenants on a day-to-day basis.
There are several very reputable and successful Management Agencies nationwide- in general they cost a flat 10% of gross rental income and manage a minimum of 2 units per complex (preferably as many as possible- its not worth their while with single units scattered all over the place though- and where you have situations like that- they bump up the charge).

Greenmachine

The_Conductor wrote: »

Management Agency- not Management Company......
Lots of landlords use management agencies- so they are insulated from dealing with tenants on a day-to-day basis.
There are several very reputable and successful Management Agencies nationwide- in general they cost a flat 10% of gross rental income and manage a minimum of 2 units per complex (preferably as many as possible- its not worth their while with single units scattered all over the place though- and where you have situations like that- they bump up the charge).

My mistake. Thanks for clarifying.

I don't think they will know how you are paying it so just keep going the way you want.

I prefer doing the transfer manually myself too and that's how I've been doing it for the last 2 years since I moved to my current place (previous place was cash). The LL suggested a SO at the start but I said nothing and kept transferring manually and never had a complaint.

barry55555

Thanks for all the replies.

It's not that I can't use a standing order but I prefer to use online banking. I had standing orders before when bank still paid out after I told them to cancel so I don't want that hassle again.
I still hadn't receive new landlord details before I got the letter from new agency. I only got confirmation the complex was sold after phoning the previous agency.
New agency sent two letters both containing standing order forms. They didn't give other options but didn't say standing order is the only option.
Surely as I'm the customer I can say what method of payment suits me.
I have never made a late payment with online banking.

Before I call them I want to know where I stand.

billythefish99

I dont understand why you need a form? You can create and delete standing orders from your online banking account.

Lux23

I would request their bank details and tell them that you prefer to set up standing orders yourself as you have had mistakes made by others in the past. In the past, I used to sign the SO form and then cancel it after the first month and just arrange for credit transfers. I always paid my rent on time and have the references to prove that.

TheChizler

Can cost you €15 to set up a standing order via a paper form, I'd be looking for them to pay this if they insist on you going this route.

Lux23

I just do it on my internet banking, doesn't cost anything.

barry55555

billythefish99 wrote: »

I dont understand why you need a form? You can create and delete standing orders from your online banking account.

I'm asking can they insist on a standing order only.
By sending a form I'm assuming they want a standing order set up. I'll just ignore it and pay online myself (unless legally they can insist on standing order only).

dotsman

Are you sure it's a Standing Order form? Because that makes absolutely no sense.

A standing order is an instruction from the payer (you) to your bank to transfer a set amount at set intervals to another account (the management company). The management agency would have nothing to do with this (other than provide you with their details). They can't fill out a form or submit one on your behalf.

A direct debit is an instruction to your bank allowing the payee (the management company) take money from your account. The direct debit is merely confirmed by you (ie you are giving them permission to access debit your account). Your bank has no control over how much they take and when. That is a separate agreement between the payer and hte payee (and governed by SEPA rules).

In 2015, Standing orders are typically carried out online and not by paper. The payer (you) has complete control and can add/edit/cancel the order at anytime (with the effect of the change possibly taking a few days to take effect)

TheChizler

It happens all right, did it myself, thought it was a bit strange. Was sure it was meant to be a direct debit but a standing order was set up in my online banking and a nice €15 fee debited from my account.

The_Conductor

Why though? You can modify a standing order 15 minutes later- if you so choose. Yes- there is an annoying fee associated with it- but the vendor is powerless- the person on whose account the standing order is setup can do pretty much whatever they please (including in the OP's case- cancelling the standing order- and making the payments directly- as they wish to do).