HOA Banking - best places

Started by FirstL3 • 4 replies • 1227 views

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FirstL3 (Illinois)
Posts: 40

Posted:

Hi,

We are currently using a local bank for both a checking and the savings/reserves. Obviously, interest rates are not great at the moment anyhow. We actually loose money with interest minus fees.
Online bank Ally doesn't do HOA.
Has anyone come across an online place with better conditions for HOA?

MarkM31 (Washington)
Posts: 351

Posted:

I always think you're better of locally for business banking. We got into a situation where we booted the President and Treasurer, but she wouldn't turn over the docs, books and checks. A trip to the local bank with the required paperwork was able to solve this in an afternoon. I hate to think of what would occurred if we were stuck dealing with e-mails, call centers and the like. Sometime face to face is worth the extra cost, and this is one of those cases.

LarryB13 (Arizona)
Posts: 4,099

Posted:

Quote:

Posted By MarkM31 on 05/07/2016 10:10 AM
I always think you're better of locally for business banking. We got into a situation where we booted the President and Treasurer, but she wouldn't turn over the docs, books and checks. A trip to the local bank with the required paperwork was able to solve this in an afternoon. I hate to think of what would occurred if we were stuck dealing with e-mails, call centers and the like. Sometime face to face is worth the extra cost, and this is one of those cases.

I agree.

No matter what they promise in their ads, online banks always seem to fall short in the customer service department. My recommendation is a small local bank where they know who you are and you can meet with them face-to-face when problems arise.

JohnC46 (South Carolina)
Posts: 14,265

Posted:

When I was on the BOD we were considering a Internet Bank to invest our Reserves as they paid a higher interest rate than local bank CD's. Were I still on the BOD, I would investigate such.

DavidW5 (North Carolina)
Posts: 565

Posted:

I opened a money market account for my former HOA a few years ago at Everbank. They were one of the only online banks I could find that accepted business accounts. Their current rate is .61%. We used the account to accumulate reserve contributions until placed them in a CD.

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