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Subject: HOA Trustee Opening Bank Account
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Author Messages
DebbieD7
(Missouri)

Posts:1


05/31/2019 12:16 PM  
In Missouri does anyone know if it is allowed for "new trustees" to remove the managing company and open their own bank account to handle themselves? This subdivision has been in a civil court case for over 4 years, now under appeal and the "new trustees" (still in dispute) have stated they opened a bank account at a local bank to deposit the assessments, once they send out notice, and will be handling the money management themselves.
MelissaP1
(Alabama)

Posts:8503


05/31/2019 2:39 PM  
Sounds like the new board members decided to go with self-management instead of hiring a management company. So they had to move the money to another bank once that happens. Someone has to sign the checks. It may be that the HOA can't afford the Management company's fees due to the lawsuit or being broke. It happens.

Former HOA President
TimB4
(Virginia)

Posts:16448


05/31/2019 3:00 PM  
Providing the bank account was in the name of the Association and used the Associations federal identification number, it sounds right.

Of course, if this has been in court for 4 years, I doubt we know (or will know) all the facts of the issue.
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Forums > Homeowner Association > HOA Discussions > HOA Trustee Opening Bank Account



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