What Are the Requirements and Management Options for Check Deposits in Albi?
This article explains the required rules for requesting check deposits in Albi and how to manage them after submission. It covers payee and mortgage lender restrictions, processing fees, and how to cancel, resend, or track check deposit requests within a project.
Important Check Deposit Requirements
Before requesting a Check Deposit, please review the following requirements carefully. These rules are enforced due to Albi’s payment processing policies.
- A 2% processing fee is charged on all check deposits processed through Albi.
- Payee Requirement
- Checks must be made payable to “Albiware LLC.”
- If Albiware LLC is not listed as the payee, the check will not be accepted or processed.
- Checks must be made payable to “Albiware LLC.”
- Mortgage Lender Restriction
- Checks that include a mortgage lender (either as a payee or referenced party) cannot be processed through Albi.
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- Due to compliance and policy restrictions, Albi does not support check deposits involving mortgage lenders.
- Due to compliance and policy restrictions, Albi does not support check deposits involving mortgage lenders.
If a check does not meet these requirements, the payment request will fail and must be reissued using an alternative payment method.
Managing Check Deposit Requests
Once submitted:
- The request appears in the project’s Payment Requests tab.
- You can:
- Cancel the request
- Resend the request
- Track its status until deposited