The Communicator - Volume 1, Issue 1 - (Page 18)

then and now By Nikki Affinito HOA Banking, Then and Now As the investment climate changes, responsive and experienced investment services can help you successfully manage your association’s assets. GONE ARE THE days of walking down to the local branch, handing over your deposits and doing your HOA banking. HOA banking is very specialized these days, and banks are always working hard to stay ahead of the curve to meet clients ever-growing and changing needs. Now, most banks have a designated HOA department that is tailored to this industry. It is exciting how automated our industry has become. Electronic check and deposit processing eliminates trips to the bank and courier costs. Scan checks received at your office and transmit them electronically for deposit. Download and integrate payment and deposit information into your accounting system. Most management companies and HOAs are taking full advantage of HOA image-based lockbox, providing fast, accurate processing, automatically updating activity into your records, and reducing administrative cost. Online assessment payment options let homeowners conveniently make one-time or recurring payments by creating an e-check from their bank accounts or using a credit card. Account management, online statements, and account analysis let you view account information earlier, obtain copies of checks, print all of your statements at one time, initiate stop payments, complete association signature cards, get CD or money market rates, contact customer service, and perform routine tasks. Automated account reconciliation saves time and money by exporting transaction history directly into your accounting software! With associations aging and it becoming unfortunately more common for HOA reserves to be under-funded and needing loans for reconstruction projects, it is vitally important for their monies to be insured and earning great rates. HOA deposits should be FDIC insured and/or have Coverage Plus Deposit Insurance, which is a surety bond, AAA-rated, and protects all of your deposits through the HOA Department. As the investment climate changes, responsive and experienced investment services can help you successfully manage your association’s assets. Your banker can provide a customized investment strategy, laddering investments to match an association’s reserve funding requirements. ■ Nikki Affinito is Vice President & Senior Relationship Manager with Union Bank of California. She can be reached at nikki.affinito@uboc.com or (800) 660-4053. 18 • The Communicator

Table of Contents Feed for the Digital Edition of The Communicator - Volume 1, Issue 1

The Communicator - Volume 1, Issue 1 Contents President’s Message Capitol Recap Complying with California’s Reserve Study and Disclosure Laws The Devil Is in the Details Ask the Experts – Deferred Maintenance HOA Banking, Then and Now 2008 Events & Education Calendar Welcome to CAI BayCen Index to Advertisers

The Communicator - Volume 1, Issue 1

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