QUESTION: I have applicants that submitted bank statements that show thousands of dollars in zelle payments

QUESTION: I have applicants that submitted bank statements that show thousands of dollars in zelle payments that they pay to people and then thousands of dollars payed to them from tons of different names. Like I’m saying $29,000 paid to them in one month and $23,000 paid out the same way. Has anyone else seen this??

What’s weird is there are 10+ Zelle deposits in 1 day ranging from $25 to $4k and then then next day he pays all those people back in different amounts. Like money is just bouncing around. No payments on the account other than Zelle. No other transactions for like food or gas or any shopping.

Cash transfer apps like Zelle are used a whole lot. Never seen that much for one month though. When you asked, What did they say they were for?

I have. We generally ask for 6 months of bank statements and recent tax returns. We consider it self employed.

What’s weird is there are 10+ Zelle deposits in 1 day ranging from $25 to $4k and then then next day he pays all those people back in different amounts. Like money is just bouncing around. No payments on the account other than Zelle. No other transactions for like food or gas or any shopping.

Yeah could be legit but most likely not. Our policy is it has to be verifiable and legal. If its not on your taxes then we can not use it as verifiable income. If they still want to lease then our policy is that they would need a guarantor. One who also.meets the requirements at 4 times the rent based on our criteria.
My applicant claimed he bought and sold cars which is why we had same name transactions.

 There’s a way people launder money like this. Google it.

They have a cO applicant from another state that also has the same “income” as they do.

 I would say it’s not verifiable ask for a W-2 and last years tax return. Plus the overage they are keeping that is their income. Is that adding up to your minimum? Just sounds like money laundering to me.

I've received plenty of them... I always ask which one of these transfer is your rent payment?

Yes , now in days everyone pays with zelle or pay you with zelle

I find this normalized lately. Zelle is becoming a common payment method. Younger generations look to be paid in this fashion. It’s going to be interesting how Uncle Sam and platforms like ADP shake out over the next 10-20 years.

We require taxes for verification!

W2 from prior year.

No W2 and said their business just started so there are no “older” bank statements. Also, they are accepting payments form names and then sending back an amount to the same person the next day…. Really bazar.

I would never accept that but I’m pretty strict wit my RSC. It works as I stay 100% collected. Thank GOD.

Yeah, I’m in Minneapolis so fraudulent applications and then with rent specials, it gets them in the door and then don’t pay after the first month. In my county evictions filed now wouldn’t be seen until February next year so protecting my property from fishy situations is imperative but also need to make sure that if it is legit they are able to rent. It’s very difficult!

Yes, but not for that amount though. I require 6 months of bank statements and they are verified through Snappt. I also require prior year’s W2.

I haven’t used snappt. Do you recommend it? And are you able to legally deny them if snappt says the paystub or bank statement was altered?

Highly recommended! It’s very user friendly and the results are returned within minutes. You can send your applicant a link for them to upload their own docs, or you can collect them and upload yourself. I can legally deny on grounds of falsifying the application if an applicant provides altered income docs. Thankfully I’ve had to do that only once since we launched the program at my property. It’s a great tool to have whether fraudulent applications are an issue at your property, or not.

I have used snappt for awhile now - we had a 70% fraudulent app ratio at our community and it has save me SO much time in verifying these pay stubs. Plus, it takes it completely off the office and puts it on Snappt - if the resident wants to dispute, they dispute to Snappt directly! HIGHLY recommend!!

Get Snappt!

My GC pays me through Zelle weekly sometimes daily.

We are paying some of our vendors thru Zelle, and our residents are paying us thru Zelle now.

Very common in MLM companies. My statements looked like that while I was hustling for sure!

Zelle does have limits for transfers at certain banks. That seems pretty high but I guess it’s depending on the bank.