Learn why you see Yardi service charge on bank statement. From rent payments to HOA fees, find out what they cover, how much they are, and ways to potentially avoid them. Clarify concerns and stay informed.
Understanding Yardi Service Charge on Bank Statement
If you own or rent property managed by a company that utilizes Yardi software, you may have noticed a Yardi service charge on bank statement. Here’s what you need to know about these charges.
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What is Yardi?
Yardi Systems is a powerful property management software suite used by a huge number of landlords, property management companies, and homeowners associations (HOAs). Their systems handle everything from rent collection and payments to vendors, accounting, maintenance requests, and more.
Why Do I See Yardi Service Charge on Bank Statement?
There are a few reasons why you might see Yardi service charge on bank statement:
Rent Payments: If you pay your rent online through your tenant portal, which is likely powered by Yardi, the transaction may involve a small service or convenience fee. This fee helps cover the cost of the payment processing system.
Maintenance Payments: Sometimes, your property management company might pay for maintenance or repairs on your behalf. These funds could be drawn from your account with a service fee, which is why you see the Yardi charge.
HOA Fees: HOAs that utilize Yardi software might process your dues or other fees through the system. Again, a service fee might apply.
Are the Charges Legitimate?
Yes. Typically, these service fees are outlined in your lease agreement or HOA documentation. If you’re surprised by these charges, it’s a good idea to review the terms of these documents.
How Much Are Yardi Service Fees?
Fees will vary depending on the service, your property management company, and the payment type. Often, it’s a small percentage of the transaction amount.
Can I Avoid the Yardi Service Charges?
There might be ways to bypass Yardi service charge on bank statement:
Pay with a Paper Check: Many property management companies will process traditional checks free of charge.
Direct Bank Transfer/ACH: Sometimes, you can set up a direct bank transfer or Automated Clearing House (ACH) payment without incurring a fee.
Negotiate with Management: If these fees are a burden, try reaching out to your property management company. Occasionally, they may be able to work with you.
Things to Remember
Transparency: Your rental agreement or other management documentation should indicate the existence of these fees. Read these documents carefully before signing.
Convenience: While service fees can be frustrating, they often come with the convenience of online payments and other services. Weigh the value of that convenience for yourself.
Clarify Concerns: Contact your property management company directly if you have specific questions about a particular Yardi charge on your statement.