Property management company only accepts "good funds"?

Many property management companies I've worked with will not accept personal checks from someone who has not yet been approved for an apartment. It's because they have NO idea whether or not the check will bounce, but they know that a cashier's check or money order has already been paid for. As far as whether or not they could return the check if you were denied - most likely they are going to cash that check as soon as they get it. They're not going to wait to see if you're approved or not. Then, if you are denied, they have to spend their time cutting you a check to refund the money. You are correct in that they will call your bank to verify funds, but they're not going to do it immediately even though they most likely will cash your deposit/application fee immediately.

"Good funds" according to the website below mean personal checks, cashier's checks, and cash that have cleared the bank. If you write a personal check to them, it hasn't yet cleared the bank so there's no telling if it's good or not until they attempt to deposit. A cashier's check or money order has already taken the money out of your account so they know it's going to be paid.

I certainly wouldn't want to deal with them after being called a liar though.

This is why some places do that - They want to be able to issue you a check in their company's name as documentation that it was refunded. Simply giving you back your check leaves them with no paper trail on their part. A money order or cash can be deposited to their company's account immediately, whereas a personal check takes a day or 2 to clear. So in order for them to refund your money, they need to be assured they have the money to refund, a personal check could bounce, leaving them out the money (check) they refunded you..

Basically they want certified monies so either you do not change your mind after the application process or before and cancel the check, once they get those certified monies and are approved in the application they will never refund your monies if you change you mind between then and singing the lease and moving in

it also protects a landlord who allows a tenant to move in that the monies issued for all like first, security and last is kosher and the check will clear, the alternative is to allow the tenant to move in and the check bounces leaving the landlord to file in landlord tenant court to remove the dead beat tenant

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