2 Signatures on Account

Started by SiobhanB • 3 replies • 1472 views

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SiobhanB (New Jersey)
Posts: 8

Posted:

Does anyone know of an online program to pay bills by having one authorized signer pay the bill on line and the other authorized signer approve it on line before it is sent? We are trying to cut down the time it takes to send checks. Our Treasurer is away quite a bit. Thanks.

RogerB (Colorado)
Posts: 5,067

Posted:

Siobhan,
Check with your bank to see what services they can provide.
I prefer careful control over funds and recommend using personally signed checks and not an online service. IMO two signatures only provides peace of mind to a person who does not want to be the only signer. Banks require only one authorized signature so two signatures can not be relied on to prevent theft. Other more effective means should be used to assure funds are not stolen. One signature by an authorized signer is suggested but may require a change in your Bylaws.

For paying utility companies you most likely can sign up for auto-pay where payments are automatically withdrawn from your bank account. Make sure to get their invoices in advance and review them to make sure there is not any error in the amount.

JohnO6 (Georgia)
Posts: 424

Posted:

Yes, check out bill.com

It will cost a monthly fee, but they process e-payments and have a complete "process flow" that allows multiple steps of approval.

MelissaP1 (Alabama)
Posts: 13,836

Posted:

We had a special ledger/checks that had a place for the signatures. The bookkeeper had to sign and two of our approved officers. The approved officers had to be on the signature card at the bank. Which required us to go to the bank and have our signatures on file.

The ledgers/checks for this was quite expensive. Think they cost about $500. It did last us over a year or more.

Former HOA President

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