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Does anyone have any thoughts regarding shareholders paying their maintenance?
The best option? Convenient and/or cost?
Portal? Manual check sent out or shareholders filling out a form that a co-op will then deduct the funds from your bank?
If we use a portal is that part of the management company fee or a separate cost?
Portal is the most convenient and up to date while still letting the shareholders have control.
The downside of that would be some seniors maybe not comfortable with that process.
Thank you and would appreciate feedback.
Setting up auto-pay with your bank so a check is sent automatically is a very good solution... most of the time.
[Take II]
Setting up auto-pay with your bank so a check is sent automatically is a very good solution... most of the time.
[Take III - Discovered the boards don't like emoticons :-( ]
Setting up auto-pay with your bank so a check is sent automatically is a very good solution... most of the time. ;-)
Sometimes the actual amount of the monthly maintenance is different than the regularly scheduled amount. This occurs when there is a one-time assessment or in the month the DoF real estate abatement/assessment takes place. Some MA's have a very hard time dealing with unexpected over or underpayments.
A way around this is if your bank has a means via their portal by which you can change the auto-pay amount for a single month. This is the best of both worlds. Or you can simply have your MA set up an ACH connection to your bank and then pull the exact amount each month. I've used this method for years without any problems.
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Set up your account with your bank and they will send payment directly to the Management company, NO FEES. I would send a paper check but at times it went until the last day before they cashed it. This is quick, easy and takes the worry out of paying your maintenance
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Board Talk members who registered prior to March 9th, 2016 will need to reset their password.