If you'd like to make EFTs faster and decrease the amount of time it takes to receive payments from residents, or to pay rental owners and vendors, complete a hold day change request form.
As of November 2016, EFT hold-day fees* are:
|Hold Days||Transaction Fee|
|1-day hold||$0.50 per transaction|
|0-day hold||$0.95 per transaction|
*Hold-days are based on business days. Prices are subject to change.
To change your hold days
- Navigate to Accounting > Banking.
- Click the name of the bank account you'd like to request a change in hold days.
- Click the ePay settings tab.
- Click Edit EFT, then Change hold days.
- Complete the form.
You can speed up the change process by clearly explaining your reason for needing a reduced hold time on the form. "I want to get money to my owners in a shorter time frame" is a better explanation than "I want money to move faster" because it offers more context about your intentions.
- When the form is complete, click Next: Review changes.
Review your completed form.
Once submitted, the hold day change request will be emailed to Forte Payment Systems for review.
Once you send in the form:
Your application is reviewed by Forte Payment Systems' Risk Committee.
If approved, your hold day change will be updated automatically in Buildium. We'll send an email to the Buildium account owner.
From time to time, your requested hold days cannot granted because the necessary funding ratio hasn't been met. In these cases, Forte Payments will sometimes grant a "best offer" of sorts. For example, if you'd asked for a 0 day hold on both deposits and withdrawals, they might decline their request on deposits and agree to the change for withdrawals.For this reason, it's important to look at your hold days once the approval comes through.
If you'd still like a smaller hold period than what has been granted, wait 30-60 days and try again.