As a board member of your homeowner’s association (HOA), you want to ensure that the financial decisions made on the community’s behalf are secure and efficient. Working with Community Association Management Services’ (CAMS) partner banks can offer these assurances and more. In this blog post, we will lay out ten benefits boards need to know about why it is beneficial for their association to work with partner banks. Knowing what partner bank services can do for your HOA empowers you to make better-informed decisions regarding your association’s money.
1. Partner banks offer a high level of security in banking.
Partner banks offer associations a unique level of security when handling financial matters. They can provide secure transactions, accounts, and services in one package with an extensive network of features. This level of safety not only guards the association’s funds but also gives owners peace of mind knowing their money is in safe hands. Further, working with partner banks allows CAMS to manage clients’ finances while reducing potential risks and proactively mitigating the chance of fraudulent activities in their accounts.
2. Partner banks provide solutions for deposits over the FDIC's $250k limit.
Community associations can experience peace of mind when it comes to accounts carrying balances in excess of the FDIC's $250k limit by working with CAMS’ partner banks and utilizing the solutions they offer. In addition, working with a partner bank allows CAMS to seamlessly administer the association's financial activities, reducing delays and easing the burden on board members.
3. A customized API interface allows for secure banking integration with CAMS. This reduces the chance of errors.
HOAs can rest assured that their financial matters are in safe hands when working with the banking partners of their management company. This is because a customized API (application programming interface) allows for a secure connection between CAMS and the banking institution. This pairing increases accuracy and security and reduces human errors, taking the worry away from those handling the association's finances.
4. Partner banks provide CAMS clients with designated account representatives.
Partner banks offer an invaluable service to CAMS’ clients by providing a designated account representative. This allows for a higher level of service, more efficient processes, and better security. The ease of access and assurance that working with partner banks offers helps CAMS clients make managing finances a simpler, less stressful task.
5. Partner banks offer no-fee banking for operating and money market accounts.
Partner banks are an important asset to HOAs, as they offer no-fee banking for operating and money market accounts. Additionally, working with partner banks gives the association more peace of mind, as they can depend on an experienced management partner to oversee the association’s financial matters.
6. Daily auto-reconciliation of transactions, allowing fraud to be spotted quickly.
Homeowner’s associations can benefit from working with a management company's banking partner to keep their financials in order. Through API integration, HOAs have the advantage of having their transactions automatically reconciled daily. This professional oversight allows them to state confidently that all accounts are secure and makes it possible for discrepancies, fraud, or other risks to be spotted quickly and easily.
7. Partner banks offer competitive rates and are experienced in handling association assets.
Working with a partner bank through your association's management company offers a variety of benefits. Not only do partner banks offer competitive rates for services, but they are also experts in meeting associations’ unique needs, including providing loans if the association needs additional funding. This means these associations can rest assured that their money is in good hands and that they will be able to get the most out of their accounts.
8. You can easily move money between accounts within partner banks.
Sometimes managing the finances of an HOA can be complicated, but working with partner banks can simplify the process. Working with your management company’s partner banks can help keep you and your association secure and ensure financial matters are handled efficiently. One big advantage of having partner banks is that it's simple and secure to transfer money between accounts in these integrated banks. Transferring funds or making deposits is fast and convenient, saving time and energy for many board members.
9. Special rates are offered to associations based on their relationship with CAMS.
Homeowner’s associations working with CAMS’ partner banks to manage their finances can often expect to receive special rates and terms. CAMS works hard to cultivate relationships with banks that offer competitive service packages, along with added security and support for their associations. Overall, such an arrangement can be extremely beneficial for HOAs wanting to keep financial matters safe. The board is able to fulfill its fiduciary duty to the association by maintaining stable deposits that minimize risk while still receiving solid returns.
A focus only on maximizing returns runs contrary to the basic mandate of the not-for-profit nature of associations. It ultimately exposes the association’s funds to greater risk and expense.
Consequences of using non-partner banks
Community associations that do not use their community management company's partner banks to manage accounts run the risk of having slow and unpredictable response times when it comes to requests for documents, services, or account updates. This can add up to a tremendous amount of unneeded hassle associated with managing funds or administering board decisions. Further, by not using partner banks for HOA business, your homeowner’s association may struggle to administer financial matters efficiently or experience delays in payments and banking transfers. Of critical note is the reality that partner banks’ layers of protection and automation minimize the association’s exposure to fraudulent attempts to access association funds.
Partner banks prioritize financial security and work with CAMS to provide homeowners associations with safe and efficient banking solutions. In addition, essential services for HOAs, like customized API integration, designated account reps, competitive rates, free transfers between accounts, and special pricing, are available to CAMS’ clients. All these benefits combined make partnering with a bank through CAMS a no-brainer for any HOA ready to take its financials to the next level.
About Community Association Management Services In business for over 31 years, CAMS is North and South Carolina’s premier community management company. With experienced local managers in each of its nine regions, CAMS provides innovative solutions to the community associations it serves. Additionally, CAMS was featured on Inc. Magazine’s 2022 Inc. 5000 list of the fastest-growing private companies in America. To learn more, visit www.camsmgt.com/choose-cams.
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