How many of us have experienced the nightmare of having a check lost in the mail? Past due notices, trying to locate the check, worrying that it will suddenly appear if we replace it with another check, and then trying to get late fees removed! What a hassle, lost time on the phone, not to mention the expense involved to stop payment on a lost check.
In this time of advanced technology it is amazing how many people still pay their HOA dues by paper check. Whether it is sent in the form of a personal check, or online bill payment (which is a paper check mailed by the bank), neither are the most reliable methods of paying HOA dues. Selecting a “deliver by” date for online bill payments does not guarantee that your check is received by that date, and there are many factors that can delay your payment. It is also possible to simply forget about your HOA dues if they are paid quarterly or annually.
Paying your HOA dues by ACH (Automated Clearing House) draft is one of the most reliable and environmentally friendly ways to ensure that your HOA dues are paid on time. Setting up the ACH draft is done in 3 simple steps. First, complete the draft request form, attach a voided check, and then return the form to our office. This can be done in person, by USPS mail, or a copy of the form and voided check may be faxed or emailed. It’s as simple as that! Signing up for the ACH draft eliminates the need for checks, stamps, and envelopes (environmentally friendly).
When your form is received, your banking information is entered to your account and your dues are automatically withdrawn from your checking account each time they are due. Thanks to our advanced accounting software, a file is generated, electronically sent to the bank, and your payment is automatically posted to your account on the date it is withdrawn from your checking account.
Using the ACH draft eliminates the possibility of your check getting lost in the mail, late delivery of your payment, or the incorrect posting of your payment. Our drafts are scheduled for the 5th day of each billing month, or the first business day after, in the event that the 5th is on a weekend or holiday. We also have a change of banking information form should you change banks or account numbers. Your draft information cannot be transferred to another company and may be stopped at any time, at your request.
The ACH draft is not for everyone. If you maintain a low balance in your checking account, there is the risk that your draft will be returned NSF, if the funds are not available on the day of the draft. This may result in a NSF fee being charged to your account. Also, your account must be current to begin the ACH draft. But, for those who consistently have the funds available, the ACH draft is a great alternative to paper checks and online bill payments. Best of all there is no charge to have your dues drafted. This may be a good opportunity for you to insure that your payments are never late, and at the same time, do your part to GO GREEN!
