KP3 (Texas)
Posts: 124
Posts: 124
Posted:
Is your treasurer and president on your HOA bank accounts?
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HOA checking accounts
Started by KP3 • 11 replies • 865 views
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KP3 (Texas)
Posts: 124
Posts: 124
Posted:
Sorry, I didn’t meant to post this twice!
TimB4 (Tennessee)
Posts: 21,059
Posts: 21,059
Posted:
I expect you are asking about the signature card at the bank.
In my association, all directors are on the signature card.
In my association, all directors are on the signature card.
BenA2 (Texas)
Posts: 1,273
Posts: 1,273
Posted:
Yes, we usually have the president, treasurer and one other board member.
GeorgeS21 (Florida)
Posts: 3,808
Posts: 3,808
Posted:
I’ve asked this question before .. no clear answer since is done differently all over.
My sense is that OFFICERS only should be able to write checks and conduct financial business.
Thoughts?
My sense is that OFFICERS only should be able to write checks and conduct financial business.
Thoughts?
MelissaP1 (Alabama)
Posts: 13,836
Posts: 13,836
Posted:
That is usually true. Only officers typically write and have the ability to sign checks. That is not true with all HOA's. As each HOA is different. What works for one doesn't work in another. Our HOA we had a 2 signature system. The accounting firm/Treasurer issued/signed the checks. Those checks then had 2 additional lines for signatures for President or other officer on the signing card at the bank.
Those checks/ledgers were a bit more expensive than your normal checks. So when we ran out, it was a bit expensive. Whether we really needed the extra expense is debatable. Now a days, it seems banks do not usually check or care about the other signature. It was just our checks and balances for us to be accountable.
Those checks/ledgers were a bit more expensive than your normal checks. So when we ran out, it was a bit expensive. Whether we really needed the extra expense is debatable. Now a days, it seems banks do not usually check or care about the other signature. It was just our checks and balances for us to be accountable.
Former HOA President
KP3 (Texas)
Posts: 124
Posts: 124
Posted:
Quote:
Posted By MelissaP1 on 06/09/2018 5:19 PM
That is usually true. Only officers typically write and have the ability to sign checks. That is not true with all HOA's. As each HOA is different. What works for one doesn't work in another. Our HOA we had a 2 signature system. The accounting firm/Treasurer issued/signed the checks. Those checks then had 2 additional lines for signatures for President or other officer on the signing card at the bank.
Those checks/ledgers were a bit more expensive than your normal checks. So when we ran out, it was a bit expensive. Whether we really needed the extra expense is debatable. Now a days, it seems banks do not usually check or care about the other signature. It was just our checks and balances for us to be accountable.
That is usually true. Only officers typically write and have the ability to sign checks. That is not true with all HOA's. As each HOA is different. What works for one doesn't work in another. Our HOA we had a 2 signature system. The accounting firm/Treasurer issued/signed the checks. Those checks then had 2 additional lines for signatures for President or other officer on the signing card at the bank.
Those checks/ledgers were a bit more expensive than your normal checks. So when we ran out, it was a bit expensive. Whether we really needed the extra expense is debatable. Now a days, it seems banks do not usually check or care about the other signature. It was just our checks and balances for us to be accountable.
We are looking at possibly changing MC and we really don’t that they have our best interest in mind over their own. How would we just make the treasurer and president the signers?
KP3 (Texas)
Posts: 124
Posts: 124
Posted:
I found in our bylaws how we can envoke this procedure
GeorgeS21 (Florida)
Posts: 3,808
Posts: 3,808
Posted:
I’ve asked this question before .. no clear answer since is done differently all over.
My sense is that OFFICERS only should be able to write checks and conduct financial business.
Thoughts?
My sense is that OFFICERS only should be able to write checks and conduct financial business.
Thoughts?
JohnC46 (South Carolina)
Posts: 14,265
Posts: 14,265
Posted:
Or MC handles all money and check writing. 3 of our Officers are on our Reserve Fund account. Our MC has no access to our Reserve Fund.
TimB4 (Tennessee)
Posts: 21,059
Posts: 21,059
Posted:
Quote:
Posted By GeorgeS21 on 06/09/2018 7:50 PM
My sense is that OFFICERS only should be able to write checks and conduct financial business.
Thoughts?
My sense is that OFFICERS only should be able to write checks and conduct financial business.
Thoughts?
If your talking about Officers vs. Directors, typically they are the same individuals (for most Associations).
If your talking Officers vs. PM/MC, then I agree but others have valid points to disagree.
Therefore, it will depend on the desires of the Board and the terms of the contract with the MC/PM
GeorgeS21 (Florida)
Posts: 3,808
Posts: 3,808
Posted:
Tim,
Talking about the officers - who are also board members in most HOAs.
Talking about the officers - who are also board members in most HOAs.
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