[quote=42nate1]Monthly assessment is $350 (water & sewer absorb most of this), and most of the owners would (there are 8 houses in total) would prefer to have an auto debit set up so they do not have to remember to write monthly checks.
With the size, their records are excel based. It’s very simple, so no software involved. I’m an Accountant and got pulled into it and have been doing it for years.
There are 1-2 owners that are problems, and having the money come out of their account would make life simpler from a cash flow standpoint for the HOA.
Seems like this would be a simple issue to resolve, but BofA requires $100k in cash to set up the auto debit, and the companies I’ve found that provide this service say that we either don’t have enough homes to make it worth their time, or they want to provide financial services as a bundle, which the HOA does not need nor can really afford with such a small number of homes.[/quote]
I find that absolutely ridiculous, 42nate1. Is there some way that a bank (or property mgmt co) would take in your small “complex” for 10% (or less) of the HOA dues collected?
