I taught a class on Financial Best Practices to 80 Community Association Managers and Board Members earlier this month. A Board Member said you know what would be great is if we could get notifications of debit card ATM withdrawals or purchases. I said you are right that is an awesome way to prevent fraud and abuse! So let’s learn how you can receive debit card purchase notifications and alerts for HOAs and Condo Associations.
Our partner bank, Pacific Premier Bank, provides logins to board members to view the bank accounts online which is great for transparency and also great to reduce the chances of fraud. Board Members can see the current bank balance and see deposits and withdrawals over the past 90 days. In the bank’s online system a Board Member can set up to receive email or text notifications for certain transactions from the debit card (or other accounts but for this post we’re discussing just the debit card).
First we would start with ATM related transactions: ATM Debits and ATM Withdrawals. Then we would include Point of Sale (POS) Purchases and POS Cash Back transactions.
We can set the alerts to occur every time or set up the notification to occur only for transactions over a certain dollar amount.
Other notifications that could be of interest include setting up an alert when an account hits a certain minimum balance, like $500 or $1,000. This way you can avoid having a negative balance (which you can also be alerted of).
Even if you don’t work with Community Financials, we can help you set up an account with our partner bank and help you set up these alerts and notifications. Feel free to contact us for more information.