Reserve Account Bank

Started by JenniferA2 • 1 replies • 1360 views

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JenniferA2 (California)
Posts: 27

Posted:

Are there any pros or cons to using the same bank for association reserves that our property management company uses for our trust account?

I am the newly elected Treasurer of the Board and we are in California.

Jenn

GlenL (Ohio)
Posts: 5,491

Posted:

The more money you have on deposit with a particular bank, the more valued customer you are getting preferred rates on loans, etc. The downside is that once you reach the FDIC limit ($250,000.00) any monies on deposit over that amount are at risk. There is a program whose name escapes me were when you reach the FDIC limit, the bank puts any new deposits with another bank, but not all banks participate.

Studies show that 5 out of 4 people have problems with fractions

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