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Subject: HOA checking accounts
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Author Messages
KP3
(Texas)

Posts:112


06/09/2018 10:31 AM  
Is your treasurer and president on your HOA bank accounts?
KP3
(Texas)

Posts:112


06/09/2018 10:32 AM  
Sorry, I didn’t meant to post this twice!
TimB4
(Virginia)

Posts:15812


06/09/2018 10:47 AM  
I expect you are asking about the signature card at the bank.
In my association, all directors are on the signature card.
BenA2
(Texas)

Posts:484


06/09/2018 1:58 PM  
Yes, we usually have the president, treasurer and one other board member.
GeorgeS21
(Florida)

Posts:196


06/09/2018 3:45 PM  
I’ve asked this question before .. no clear answer since is done differently all over.

My sense is that OFFICERS only should be able to write checks and conduct financial business.

Thoughts?
MelissaP1
(Alabama)

Posts:7388


06/09/2018 5:19 PM  
That is usually true. Only officers typically write and have the ability to sign checks. That is not true with all HOA's. As each HOA is different. What works for one doesn't work in another. Our HOA we had a 2 signature system. The accounting firm/Treasurer issued/signed the checks. Those checks then had 2 additional lines for signatures for President or other officer on the signing card at the bank.

Those checks/ledgers were a bit more expensive than your normal checks. So when we ran out, it was a bit expensive. Whether we really needed the extra expense is debatable. Now a days, it seems banks do not usually check or care about the other signature. It was just our checks and balances for us to be accountable.

Former HOA President
KP3
(Texas)

Posts:112


06/09/2018 5:44 PM  
Posted By MelissaP1 on 06/09/2018 5:19 PM
That is usually true. Only officers typically write and have the ability to sign checks. That is not true with all HOA's. As each HOA is different. What works for one doesn't work in another. Our HOA we had a 2 signature system. The accounting firm/Treasurer issued/signed the checks. Those checks then had 2 additional lines for signatures for President or other officer on the signing card at the bank.

Those checks/ledgers were a bit more expensive than your normal checks. So when we ran out, it was a bit expensive. Whether we really needed the extra expense is debatable. Now a days, it seems banks do not usually check or care about the other signature. It was just our checks and balances for us to be accountable.




We are looking at possibly changing MC and we really don’t that they have our best interest in mind over their own. How would we just make the treasurer and president the signers?
KP3
(Texas)

Posts:112


06/09/2018 5:47 PM  
I found in our bylaws how we can envoke this procedure
GeorgeS21
(Florida)

Posts:196


06/09/2018 7:50 PM  
I’ve asked this question before .. no clear answer since is done differently all over.

My sense is that OFFICERS only should be able to write checks and conduct financial business.

Thoughts?
JohnC46
(South Carolina)

Posts:7552


06/10/2018 4:19 AM  
Or MC handles all money and check writing. 3 of our Officers are on our Reserve Fund account. Our MC has no access to our Reserve Fund.
TimB4
(Virginia)

Posts:15812


06/10/2018 6:07 AM  
Posted By GeorgeS21 on 06/09/2018 7:50 PM

My sense is that OFFICERS only should be able to write checks and conduct financial business.

Thoughts?




If your talking about Officers vs. Directors, typically they are the same individuals (for most Associations).

If your talking Officers vs. PM/MC, then I agree but others have valid points to disagree.
Therefore, it will depend on the desires of the Board and the terms of the contract with the MC/PM
GeorgeS21
(Florida)

Posts:196


06/10/2018 3:37 PM  
Tim,

Talking about the officers - who are also board members in most HOAs.
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