BB&T Association Services

Started by PaulM18 • 13 replies • 3201 views

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PaulM18 (Virginia)
Posts: 46

Posted:

Greetings everyone!

Does anyone have any experience with BB&T's Association Services?

http://www.bbt.com/bbt/business/products/association-services/default.html

Just looking for some feedback.

Thanks!

Paul

JohnC46 (South Carolina)
Posts: 14,265

Posted:

All

I am very interested also.

Thanks

DavidW5 (North Carolina)
Posts: 565

Posted:

At one time our management company used BB&T for "lockbox" processing of dues and our operating (checking) account was held there. When our management company was bought out by Associa, Inc. they unilaterally moved these to Community Association Bank, which is a subsidiary of Mutual of Omaha. They claimed that CAB fees were lower, although they did not pass any of the savings on to our association. We terminated that management company at the end of 2011. The new company we contacted with also uses CAB for these processes.

While we were with BB&T there were no problems we were aware of.

JohnC46 (South Carolina)
Posts: 14,265

Posted:

All

My interest is from the point of view that our association could easly be self mananged (another issue) but maybe BBT (or someone else) offers the "book keeping" service/control we need.

Thanks

PaulM18 (Virginia)
Posts: 46

Posted:

We've decided to give them a go...

Will follow up as we learn more but... on the cost side it looks promising...

AllisonD (Florida)
Posts: 449

Posted:

Hi Paul-

This is my first post, but long time viewer of these very informative forums. I am president of my HOA (74 single family homes in South Florida). I am looking into getting rid of our property management company, which we use only for financials. I am looking at Quickbooks Online but also want to change to a more HOA user friendly bank and will be visiting with my local BB&T next week while I am on vacay. Did you ever sign up with them and if so, what has your experience been so far?

Thanks a bunch.
Allison

BrianM18 (California)
Posts: 11

Posted:

I know this is a very old thread but we are considering BB&T for lockbox. Any thoughts? AllisonD??? Thank you.

TimB4 (Tennessee)
Posts: 21,059

Posted:

Quote:

Posted By BrianM18 on 05/25/2018 5:50 PM
I know this is a very old thread but we are considering BB&T for lockbox. Any thoughts? AllisonD??? Thank you.

Shop around!

BrianM18 (California)
Posts: 11

Posted:

Funny you say this Tim. I just called our bank and they won't tell me anything about our account. "your management has that information" Red flags. I don't like PM having exclusive access to our deposit info. This will be fun.

I would appreciate any info to help me get up to speed with lockbox providers and ACH as we are soon ditching our PM and going self manage and would like to still offer lockbox and ACH.

Thank you in advance.

TimB4 (Tennessee)
Posts: 21,059

Posted:

Most banks offer those services. Talk to other banks.
However, also read your MC contract to see if this is an option at this time or will have to wait until the contract runs out.

We are self managed (130 lots).
Rather then a lock box, we use a PO Box.
Rather then ACH, we encourage members to utilize the banks bill pay service (where the bank writes a check on the members account and sends it to us at the PO Box). This is typically a free service from the banks.

I looked into the service you are talking about and thought the service fees were simply too high.

RichardP13 (California)
Posts: 3,868

Posted:

I use a lockbox system along with offering ACH. 30% of homeowners are on ACH.

Lockbox goes to a specific PO Box set up by the bank for your specific account. Processing and posting of checks takes less than 5 minutes each day.

If you're self-managed and in California or at least 100 units, make sure you have HOA software for the bank to integrate with. It also make doing escrows a breezes, as well as violations and maintenance issues.

Monthly financials are available with the push of a button and bank reconciliation is even simpler. I can send 1000 statements with envelopes within 10 minutes. Technology is a lot less than you think.

I have use someones pen and ink approach to association management, no thank you.

PatJ1 (North Carolina)
Posts: 568

Posted:

It is my understanding that B B & T is very prominent in the HOA field and my experience with then was very good. They were easy to work with and accepted payments at local branches with same day posting. Their coupon costs were low also.

As a Board member, we had a petty cash fund, minimal $, with a debit card to assist with small purchases. This was great because I could use the ATM for withdrawals, and make deposits when an owner handed me $ for something like a pool key. I would submit all information to the MC for recording.

We have now changed banks with a new management company. Bank is located in California. Coupon books are higher, Online payment fees are high. Takes forever to get answers. Been waiting for 5 months for a debit card.

Like Tim said, shop around. I would like to add, stay local.

BrianM18 (California)
Posts: 11

Posted:

Richard: Is your lockbox provided by MC or your own bank?

Going rate for lb at bank is about $120/mo + .20 per deposit. We currently have about 60 units mailing coupons. A bit pricey, but it probably more time efficient than getting a check scanner and manually opening payment envelopes.

Anyone have thoughts regarding check scanning yourselves?

Anyone have thoughts about incentivizing owners to autopay?

RichardP13 (California)
Posts: 3,868

Posted:

I am a management company and the lockbox is setup at no charge by the bank we deal with. It works seamlessly with our association software package.

All the accounts are under one roof, but each account will have signing and review authority, after all, it's the association's money, not mine.

If you have a strong Board, consider financial management especially with some of the legal requirements in California.

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