Help · Bank accounts
How your money is set up
Tenants pay through Stripe, and Stripe pays each kind of money into its own account at your bank. You keep three bank accounts: two hold other people's money in trust, one holds yours.
1Your three bank accounts
Open them at your own bank, for example Wells Fargo. Same bank is fine; each needs its own account number.
Trust: Rent
Your owners' money
- In
- Rent and other charges tenants pay
- Out
- Owner payouts, vendor bills, your earned fees
Name it
Trust: Security
Your tenants' money
- In
- Security deposits
- Out
- Deposit refunds and lawful deductions at move-out
Name it
2Your three Stripe accounts
RentWiseAI opens them for your company. They hold money only while it moves; it never stays there.
- Collection: RentTenants pay rent here. Stripe pays it out to Trust: Rent every day.
- Collection: SecurityTenants pay security deposits here. Stripe pays them out to Trust: Security, so deposits never mix with rent.
- PaymentsWhen you pay owners and vendors, refund a deposit or take your fee, the money passes through here on its way from a trust account.
A tenant who owes rent and a deposit at move-in makes two payments: one into each Collection account.
The two Collection accounts are your own Stripe accounts, and Stripe gives you a login for them. Stripe takes its fee from each tenant payment there; RentWiseAI makes up the difference from Operating once a day, so the full rent reaches trust. Do refunds, payouts and bank changes in RentWiseAI only, never in Stripe's dashboard, or your trust records will not match; RentWiseAI flags anything done there on this page.
Taxes: because these are your Stripe accounts, Stripe sends you a Form 1099-K for the rent and deposits tenants pay through RentWiseAI. That money is held in trust for owners and tenants, not your income. Tell your accountant.
The Bank accounts page shows your three banks, not these accounts: money still in Stripe is shown as Coming in on the bank it goes to, and payments RentWiseAI is taking as Going out. Connect each bank once (Connect bank) to see its own balance and statement.
3Why the trust banks change in Stripe's form
Trust: Rent · Trust: Security
Each is the payout bank of a Collection account. Stripe runs those accounts and checks every change to where tenant money is paid out, so only Stripe's own form can change the bank. Change opens that form.
You remain responsible for your tenants' payments. If one bounces or a tenant disputes it, Stripe takes the money back from that Collection account or its trust bank, with its fee ($4 for a failed payment, $15 for a dispute).
Operating
Stripe never pays into it directly. RentWiseAI keeps it as your record and moves your fees there, so Change opens RentWiseAI's own form.
Connect it too (Connect bank): when Stripe's fees on tenant payments are more than your fees that day, RentWiseAI takes the difference from Operating so the full rent stays in trust. Until it is connected, that move waits.
4Set up, start to finish
- Open the three bank accounts at your bank, with the names above.
- Collection: Rent. Click Set up on this page and finish Stripe's steps: your company details, ID, and Trust: Rent as the payout bank.
- Collection: Security. The same, with Trust: Security as the payout bank.
- Operating. Click + → Other bank, enter it and choose Operating.
- Check the line at the top. When it says tenants can pay rent and security deposits, you are ready.
5Good to know
- Never pay your own bills from a trust account, and never put your own money in one. Your fee moves to Operating first.
- Owners and vendors add their own bank after they sign in, so you can pay them. You never type their account numbers.
- Tenant bank payments take a few business days to clear before they show as paid.
- Trust rules differ by state. Ask your attorney or accountant which apply to you.