Management Company

Started by KristyS • 5 replies • 562 views

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KristyS (Ohio)
Posts: 10

Posted:

How long does it usually take for a management company to set up the account where HOA checks are deposited? We are under a new company who has known well before the August 1st takeover date of this year that they would be taking over. It is now September 5th, and they still have not cashed my (or anybody else's) August checks.

RichardP13 (California)
Posts: 3,868

Posted:

I use one bank, but different accounts, under their name, for each of the associations I manage. I takes me 24 hours to setup through my relationship manager.

KristyS (Ohio)
Posts: 10

Posted:

That's pretty much what I thought. I just can't believe everybody buys their excuses. Thanks.

BarbaraT1 (Texas)
Posts: 821

Posted:

If the prior management company hasn't closed the old account and sent over the certified funds that the new company needs in order to open the account, or the board members haven't signed the paperwork they need to sign, it might not be your new management company's fault the accounts aren't open.

KristyS (Ohio)
Posts: 10

Posted:

The board members signed all paperwork on July 11th. And our old company washed their hands of us long before that.
The new company has even sent out incorrect statements with incorrect fees due.
Even if the old company was waiting for any kind of paperwork, I would think they would be asking for it long before August 1st.

TimB4 (Tennessee)
Posts: 21,059

Posted:

This is an example of why I don't think the MC should handle the actual bank account.

If the account was opened and controlled by the Association, this wouldn't be an issue.
You don't need to be on the account to deposit funds.

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