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ez-Rentz®
The e-z way to pay your rent
Myers Park Lane
LLC (“Company”) requires its tenants to pay their rent electronically by
enrolling in ez-Rentz® (sometimes referred to as “Plan”).
This is a change in Company’s policy and past practices and will be phased-in as
its tenancy changes. In the following paragraphs, is a description of the
ez-RentzÒ program, including:
To whom is ez-RentzÒ
applicable? Who Effective January 1, 2009, all new
tenants must sign up to pay their rent electronically. For current tenants,
effective with all lease renewals or extensions after December 31, 2009,
participation in the plan will be a requirement. While electronic payment is a
requirement, there may be occasions when, for whatever reason, a tenant cannot
or chooses to not participate. In those cases, a tenant may opt out of the Plan
and purchase an ez-Rentz® Waiver, which is described later
under “What if I choose to not participate or cannot open a checking account?”
If you regularly
use a checking account to pay your bills, you can sign up for ez-Rentz®.
It does not cost you anything to enroll. It is fast, easy, and convenient, for
both the tenant and the landlord. By participating in the Plan, we can even
structure your payments to be drawn as late as the fifth of each month, without
penalty to you. Company requires rent to be paid (or postmarked) on or before
the first day of each month. If rent is not physically received (i.e., in our
hand) by the fourth, there is a $25 late fee, starting the fifth, and an
additional late fee of $3.00 per day, or fraction thereof, thereafter. In
addition, if the rent is not received by the fifth, we may post a three-notice
on the sixth, which entitles us to a $35 posting fee. If you have signed up for
ez-Rentz®, as long as there are sufficient funds in your account
when we make the draft, you can minimize the risk that you may forget to pay the
rent and incur additional costs. [Return
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How
does it work? ez-Rentz® is fast, easy, and simple
and is a win-win opportunity for tenant and landlord alike. ez-Rentz®
makes it more convenient for you to meet your obligations to timely pay
rent. With ez-Rentz® you sign up for electronic payment through
the Automated Clearing House and, after making the necessary initial deposits
and payments, do not have to worry about writing the rent check every month, or
trying to get to the landlord’s office, arranging a meeting with the landlord to
pay the rent, or buying checks or money orders, stamps, and envelopes in which
to mail the rent. With ez-Rentz®, your rent is paid automatically
until enrollment is terminated. Also with ez-Rentz®, you
help to minimize your landlord’s costs for collecting, depositing, and
administering rent payments, which could influence how much landlord needs to
increase rents to cover costs.
Company uses the
Automated Clearing House to process its electronic payments and transfers. The
Automated Clearing House (ACH) system is a secure, private network that connects
banks to one another by way of the Federal Reserve Board or other ACH operators,
enabling the electronic payment of automated transactions such as payroll
deposits debit and credit card purchases, and rent. NACHA-The Electronic
Payment Association (formerly the National Automated Clearing
House Association) and the Federal Reserve System establish the rules and
regulations governing the ACH network. [Return
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Why would a tenant want
to enroll in ez-Rentz®? There are a number
of reasons for enrolling in ez-Rentz®. Those who have no
objection to signing up for ez-Rentz® get preference in the
application process. ez-Rentz® is fast, easy, and convenient.
ez-Rentz® is economical. Enrollment and participation does not cost
anything but choosing not to enroll or participate, at the January 1, 2009,
rates, costs $275 the first year and $180 per year thereafter. By not enrolling
or participating in the Plan, the tenant pays an initial disenrollment waiver
fee of $95.00, plus an additional, recurring collection payment fee of $15.00
per month. [Return
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What do I need to sign up for
ez-Rentz®? When you sign up for ez-Rentz®,
you will need three things: (1) a bank account with a bank or credit union of
your choose, (2) a voided check; and (3) a signature. That’s all there is to
it. You will sign a form authorizing the automatic payments and the voided
check will be attached to it. Using the routing and account information,
Company will set up the ACH payments to begin at a specific date in the future.
Company will take care of the rest. Beginning on the agreed date, electronic
payments will begin and continue until you terminates either your tenancy or
your participation in ez-Rentz®, whichever occurs first. All of
that is handled electronically, automatically, every month. You will never has
to worry about writing or cashing checks, buying money orders, arranging
meetings with the landlord, buying stamps, and failures in the delivery system.
[Return to top.]
So, what are
the drawbacks of participating in the Plan? Security is always
an issue with any electronic system and even more critical when dealing with
electronic payments. We take seriously the security of both your personal and
financial information. Accordingly, we manage operating risk to minimize the
direct or indirect loss resulting from inadequate or failed internal processes,
people or systems associated with payment execution.
In setting up the
necessary ACH transactions, we will limit the information we require you to
provide us only to that necessary to set up and process your transaction. This
information may include your name, the name and address of your bank, the bank’s
routing number, your account number, a copy of a voided check, and your
signature.
In addition,
Company will limit the number of people with whom we share your information.
Those with whom we will share your information will be only the necessary
members of the ACH network. We will not disclose your financial information to
a third party.
Furthermore, we
will take reasonable steps to secure your personal and financial information.
In addition to limiting what we collect, we will keep paper and electronic
copies of the information we do collect in a locked filing cabinet in a locked
office and on a password-protected personal computer. Once your information is
in the ACH system, we will reply upon the integrity and security features of the
ACH network to protect your personal and financial information.
If an error is
brought to our attention, we will take immediate steps to correct the error to
ensure that it does not recur.
Another critical
security feature in this process is you. You should monitor your banking
account for any unusual items. Accordingly, you should regularly reconcile your
banking account statements. If you find an unauthorized Company transaction,
notify use immediately. [Return
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What if I do not have a
checking account? If a tenant does not have checking account,
they can establish one with a local bank or credit union. Almost all banks
offer no cost personal bank accounts: BB&T, Capital City, Farmers & Merchants,
Premier, Regions, and SunTrust are just a few.
Credit unions have limited participation but often provide its members
additional services. If a tenant qualifies for membership in a credit union,
they should consider it when making a decision about opening an account.
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7.
What if I have no money in my account when an ACH transaction occurs?
If for any reason within your control, including the availability of funds in
the account on which you have set up ez-Rentz®, your ACH is not
allowed, your rent will treated as if late and subject to a $25.00 late fee, if
we have not received your rent by the 5th day of the month it is due,
plus an additional late fee of $3.00 per day every day, or fraction of a day,
thereafter. In addition, you could be assessed any costs we incurred as result
of the ineffective ACH transaction. Moreover, if we post a three-day notice,
demanding payment of the rent or possession of the premises, you could be
charged a $35.00 notice fee. [Return
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8.
What if I choose not to participate or cannot open a checking account?
There may be occasions when someone, cannot participate, chooses to not
participate or to terminate participation in ez-Rentz®. If an
applicant chooses to not participate in the program, they will receive lower
consideration for tenancy and they must purchase an ez-Rentz®
waiver and enroll in the manual payment system. Likewise, if a tenant chooses
not to sign up, or withdraws from participation at a later date, they too must
purchase an ez-Rentz® waiver. As of January 1, 2009, the prices
for not participating in ez-Rentz® are as follows. There is
a one-time disenrollment fee of $9.00 and a recurring monthly fee of $15.00.
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