Bank Lock Box Services

Started by JohnC46 • 5 replies • 1703 views

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JohnC46
Posts: 14,230

Posted:

As I understand it some banks offer ??lock box services?? for collecting and posting dues to an associations checking account.

Is anyone familiar with how the service operates and/or use such a service?

Thanks

SheliaH
Posts: 6,967

Posted:

Our association's bank has this service. The box is emptied every day and the checks deposited - our bank statement includes a list of checks that were deposited into our account every month and where they came from. This is useful if a homeowner were to complain that he/she sent the assessment check on time - the report will help verify if that's true.

If there is a separate charge for this service, be sure you know what it is. You might also want to check if the bank can also process electronic payments at little or no charge to the Association, as this could encourage people to pay that way as opposed to sending a check through the mail. This is something I've asked our property manager to investigate because I HATE service charges, convienence charges or whatever the bank wants to call it to accept an electronic payment.

If it is not right do not do it; if it is not true do not say it. Marcus Aurelius

TimB4
Posts: 20,986

Posted:

John,

One Bank I know of one bank that offers those service (do a search on "banks association services") that I had looked into.

The bank charged based on the number of properties for setting up the services and then charged a monthly fee. We have 130 lots and it was cheaper for us to pay an independent contractor $4,200/year to collect, track and deposit the payments.

GlenL
Posts: 5,429

Posted:

Some banks let you take a picture of the check and have the bank accept it as a deposit. Has anyone used it for your HOA?

JonD1
Posts: 2,310

Posted:

John:

We have used the services of Smartstreet a bank provided service that accepts payments from members by check, credit card, direct online payment or any other means. They do the accounting for each unit and then provide a reporting of all payments to our MC. We have our operating account/checking account set up with them.

This was presented to us by our MC in their effort to reduce the paperwork and collections they handled each month.

We have had zero issues with their service.

The cost to us ZERO. They will also work with you to set up a community website at no cost to your property if you are so inclined or do not have one.

They are based out of the Atlanta area.

JonD1
Posts: 2,310

Posted:

https://www.mysmartstreet.com/

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