September 23, 2008 – (RealEstateRama) — A new partnership between The New York City Housing Authority and Wachovia Bank, N.A. will give residents of public housing the added convenience of making their monthly rent payments at five Wachovia locations in Manhattan. The branches are located on Broadway and 10th; Broadway and 70th; Broadway and 85th; Park and 48th; and Sixth Avenue and 45th Street.
“It is our hope that residents combine the rent payment with other personal banking transactions, to save them time and money, said NYCHA Chairman Tino Hernandez. If the rent payment is made at any one of the Wachovia branches, the payment is credited to the resident’s account the same day, Chairman Tino Hernandez noted.
The option to pay rent at a Wachovia branch is made possible by NYCHA’s technologically advanced “remote capture” program. The “remote capture” or scanning technology program allows the code to a resident’s rent payment coupon to be read electronically confirming the resident’s apartment number. Once the amount paid is confirmed, the payment is sent to NYCHA.
Residents currently have several options to pay their monthly rents: via mail to NYCHA’s rent payment processing center known as “Lockbox”; at authorized check cashing locations, or online through the Housing Authority’s e-payment system. NYCHA also has a payroll rent deduction program for those residents who are employees of the City of New York. On average 94,000 monthly rent payments are received by NYCHA through the Lockbox, and 68,000 through authorized check cashing locations throughout New York City. Currently, 1,100 City employees participate in the payroll rent deduction program. In addition, 8,000 monthly rent payments are made online using the e-payment option.
This is the second time that the Housing Authority is teaming up with a banking institution to offer residents an extra option to make rent payments. NYCHA partnered with Carver Bank in October, 2007.
According to Jim Fitzgerald, Wachovia regional president for New York and Connecticut, Wachovia sees several advantages to the program. “Clearly, this provides a convenient way for residents to pay their monthly rent, but it also provides an opportunity for them to learn more about banking products and services and how they can use them to meet their short and long term financial needs. We look forward to providing this educational experience, as well.”
“In addition to paying rent, NYCHA residents are encouraged to access information on personal finance and take advantage of the many banking services offered at each branch. Ultimately, the goal is to offer residents a faster way to pay their rent and a more comprehensive approach to doing their banking,” added Chairman Hernandez.
Wachovia will process NYCHA rent payments for $1.50 which will be charged to the resident.
