What is the best bank for a homeowners association?
When it comes to banking for your Homeowners Association, there are a few reasons why Alliance Association bank is the best choice for your association.
1) Not all banks specialize in Homeowners Associations: I know this may come as a shock to some people, but not all banks are the same, and Community Association Banking is incredibly complex. Castle Breckenridge partners with a bank that is highly specialized in HOA’s and has systems in place to ensure that all payment applications and rules from your association apply to every single payment.
2) A bank that specializes in homeowners associations knows how to handle user error: This is a bit of industry jargon, but when someone mails their assessment check without a coupon or any other type of information, it is called a “No Doc.” With smaller banks and other management companies, the bank has to get in touch with management to find out who the check belongs to, creating a bunch of additional work while slowing down the process. If you are a Castle Breckenridge client, you can breathe easy knowing that we have all of the lots/units loaded into the system ahead of time; which allows for an entirely automated process and eliminates the problems that a “no doc” creates. We have an extensive portfolio of associations and owners send in their checks with no documentation all the time, and we have a “no doc system” in place to make sure this does not affect your association.
3) We have exclusive software with a bank that specializes in HOA’s; which allows for faster, more reliable service: We have written code so that our software is directly on the bank’s computers that enable them to process payments faster and with fewer mistakes, which is then updated quicker and more reliably. At the end of the day, we are dealing with other people’s money, and we owe it to them to make sure all of our transactions are fast, reliable, and accounted for.
Association banking is so complex that it only makes sense to trust an expert to handle your association funds, and making mistakes with someone’s money is a sure way to get a community, or a homeowner riled up.