Homeowner Assessments:
- We use a lock box system where the homeowner directly sends their assessments to the bank and not the management company. If a homeowner were to send a check to us or when we receive checks from the title companies, we have remote deposit machines at our office which allows us to directly deposit the funds. In addition, a homeowner has the options of paying their assessments by ach, electronic check or credit card through the bank's website.
- If the assessments are received in our office, funds are processed on a daily basis and as indicated above. The only time that we may physically drive to the bank is when we are depositing reserve funds into a reserve account, especially in those associations which have multiple banks which are separate and distinct from their operating account.
