How long does it take for your team to process a check that is received by your office?
Checks are processed on the same day they are received.
How long does it take for the funds from a processed check to arrive in the association’s bank account?
Funds are typically available in the association’s bank account the same day once the check has been processed by our staff.
Does your staff take checks received from our owners to a local bank for processing?
No. Our offices are equipped with check processing platforms that allow us to act like a bank and fully process all checks. This allows us to avoid timely visits to the bank.
How are disputes or issues related to check payments handled?
Since we handle the processing of all checks, our team is the first line of support to handle any disputes or answer any questions related to checks that were processed. We maintain an image of all checks that were processed and store images of the checks for later use if needed.
Do our owners make checks payable to your company?
No. Owners will continue to make their checks payable to the name of your association. We are simply processing the checks on your behalf.
How does your team know that a check should be deposited into our bank account and not that of another client?
Owners will continue to make their checks payable to the name of your association. If an owner accidentally addresses a payment to our firm we will be able to lookup the owner’s name or account number in our system, or utilizing the statement remittance stub.
How are cases of Insufficient Funds, or NSF, handled by your system?
When we are notified about any checks that were unable to be deposited due to insufficient funds or related issues, the owner’s account ledger is automatically updated to reflect the unsuccessful payment, along with the returned check fee.
Are owners charged a fee for payments that are returned due to insufficient funds?
Yes. Our systems will charge the owner a fee of $25 for any returned check payments.
How can the board obtain a copy of a check that was sent by an owner?
By submitting a service request to your assigned property coordinator you can obtain a copy of any check submitted by a home owner. There is no fee associated with obtaining a single check copy.