A key part of financial transparency is access to banking information. We selected one of the few national banks that specializes in HOAs and Condo banking. We use this bank to provide operating accounts since as they interface with our accounting systems to provide online payments and checks mailed directly to the bank’s lockbox (a check processing center that captures check images during nightly deposits). Three main benefits to using one of these specialty banks is they allow multiple board members as signors as well as online access to view bank accounts and typically don’t charge a monthly fee.
As far as what a board member can see via the online banking platform with Community Financials’ here is a brief rundown of the HOA and Condo Online Banking Tools for Board Members:
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Account transaction history for up to 18 months
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Deposit images with corresponding checks (via camera icon)
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Images of cleared checks
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Access online to view and print bank statements
- Self-Administration: Allows a board member to update contact info and preferences and create alerts (for example low balances, or if a petty cash debit card has been used for a transaction you can read more about that feature here).
If you don’t have these HOA and Condo Online Banking Tools for Board Members currently and want financial management services they are included with Community Financials’ services.
If you want to print out this page click here for a printable info sheet.