When are funds due the owner from collected rents disbursed?
By law, Advantage Pointe Properties cannot send funds due the owner from collected rents until sufficient funds are available in the owner’s account to do so. Therefore, we must allow seven calendar days for deposit of rent checks to clear the appropriate financial institutions. To do otherwise would risk a negative balance in the owner’s account and being in violation of the law. Note that the timing of the deposit of a rent check will impact the date on which an owner’s funds are sent. For example, if the rent is paid late in the afternoon on Friday and Friday happens to be the 3rd of the month, the deposit will not be made until the following Monday, which would be the 6th of the month. Allowing seven calendar days from the date of deposit for the rent check to clear all appropriate financial institutions means that the owner’s disbursement would not be processed until Tuesday the 14th of the month. On the other hand, if rent is paid on a Monday morning and that happens to the the 1
