Payment Options

Community Association Banc offers a number of payment options for homeowners who live in community associations for which we provide banking services. This provides a summary of those options, and tips for insuring the payment is received in a timely manner and properly credited to the correct homeowner account.

Pay by Mail

Homeowners mail their payment (check or money order; no cash, please) to a local post office box along with the scannable coupon or remittance advice provided by your management company, in a standardized windowed return envelope. The post office box is serviced daily by the bank’s courier, who delivers the contents to our Operations Center before noon. All work is processed immediately, with the funds deposited into the association’s bank account the same day they are received. A data file is produced and transmitted to the management office daily via a secure web-based document exchange, along with a text file, reporting the day’s receipts. In most cases, the data file can be uploaded directly into the accounting software and posted automatically.

Tips when paying by mail:

• Use the windowed return envelope

• Include only the check and coupon in the envelope

• Do not fold, staple, or paper clip anything

• Do not include correspondence – that should be sent to your management office

• Do not write on the coupon – no one will see it.

• If you have multiple properties, you may pay with one check, but you must include a coupon for each property. If you only include one coupon, the entire payment will most likely be posted to that property, even if you wrote the other property numbers on the coupon or check.

• If you are paying for several months on the same property, you only need to enclose one coupon.

• You may include multiple checks to pay for the same property.

• Write your account number on your check exactly as it appears on the coupon

• Make the check payable to the association, not the management company. Use the complete name – there may be a Sierra Vista I, Sierra Vista II, and Sierra Verde II, so don’t abbreviate “Sierra Vista” or “SV II.”

• Put the correct postage on the envelope.

• Do not rely on the postal service to deliver your payment in 2-3 days. That’s why your association gives you a grace period. If you mail it before the due date (not the past due date), you should avoid a late fee.

• To afford more efficient processing, the bank converts most checks received at the lockbox to electronic payments, so your cancelled check will not be returned. It may also clear very quickly, so be sure you have sufficient funds when you mail your check.
  

Pay by Recurring Direct Debit

By signing an authorization form and submitting it to the management office with a voided check (not a deposit slip), the homeowner can direct the association’s management agent to withdraw the assessment from his bank account every month (or quarter, depending on the billing cycle) and deposit in the association’s bank account via an ACH transaction. The management office credits the payment to the homeowner’s account. This is the best method of payment. It is the least subject to error, it is guaranteed the payment will be made on time, no worry about lost coupons, no searching for stamps, no fee for the service.

Tips when paying by direct debit:

• Notify the management office if you close or change your bank account. Returned direct debit items are charged a processing fee just like a returned check.

• Make sure there is enough money in your bank account to cover the payment. If your direct debit is returned for non-sufficient funds, a processing fee will be charged.

• Payments will normally be withdrawn around the same date each month, but that cannot be guaranteed. If you expect it to be withdrawn on the 5th, and it doesn’t come out until the 10th, that is no excuse to avoid the NSF fee if the payment bounces.

Pay by One-time Direct Debit (eCheck)

A Homeowner may go to the bank’s website, www.cabanc.com, and initiate a one-time direct debit from his bank account. This service is free. The payment is reported to the management office in its daily lockbox file. To use this option, have your payment coupon in front of you. From the Welcome page, look in the lower left hand corner and click the button labeled “Pay Your Assessment by eCheck.” Then follow the step-by-step instructions.

Tips when paying by one-time direct debit:

• eCheck payments could take up to 5 days to be processed and credited to your account. If you wait until the “Past Due” date to initiate an on-line payment, your payment will be late, and you may be subject to a late charge.

• Once all information has been submitted, you will receive an email confirming we have received your request. A second email will be sent indicating successful completion of your payment along with a confirmation number for your records. Do not assume your payment has been credited until you receive the second email confirmation.

• Key in your homeowner and bank account information carefully, then double-check it. Payments returned because the homeowner entered incorrect information will cause a delay and will be charged a processing fee.

• Make sure there is enough money in your bank account to cover the payment. If your eCheck is returned for non-sufficient funds, a processing fee will be charged.

• If you don’t have your payment coupon, call your management office to obtain the correct information to enter. Do not call the bank.

Pay by Credit Card

A homeowners may pay his assessment by credit card (MasterCard, Discover, and American Express), also through the bank’s website. A nominal convenience fee is charged to the homeowner, so the association receives the full amount of the assessment and does not have to absorb the cost of credit card processing. To use this option, have your payment coupon in front of you, then go to the website www.cabanc.com. From the Welcome page, look in the lower left hand corner and click on the button labeled “Pay Your Assessment by Credit Card.” Then follow the step-by-step instructions.

Tips when paying by credit card:

• Payments made by credit card by 12:00 P.M. (MST) generally will be credited to your account the next business day. If you wait until the “Past Due” date to initiate a credit card payment, your payment will be late, and you may be subject to a late charge.

• Once all information has been submitted, you will receive an email confirming we have received your request. A second email will be sent indicating successful completion of your payment along with a confirmation number for your records. Do not assume your payment has been credited until you receive the second email confirmation.

• If you have a debit card, don’t use the credit card payment option – you will be charged the convenience fee. Use the free eCheck option instead.

• Key in your credit card and account information carefully, then double-check it. Errors will cause a delay in processing your payment, which may result in a service fee and/or late charge.

• If you don’t have your payment coupon, call your management office to obtain the correct information to enter. Do not call the bank.

• We do not offer a recurring credit card payment option at this time. You must go in each time a payment is due and initiate a new payment.

Fee schedule for credit card payments:

On-Line Bill Pay

A homeowners can use his own banking service to pay his assessment, but as this payment comes to the bank without a coupon, it is the least preferred method of payment. We work with two of the largest online banking service providers, CheckFree and Metavante, which transmit payments to us electronically. When a homeowner pays through another online banking service, a physical check is generated and mailed to the lockbox. When we receive it, it is processed just like any other payment not accompanied by a coupon. Homeowners who pay this way are encouraged to consider direct debit (ACH) payment instead, as it is faster, incurs no fee, and is less susceptible to error.

Tips when paying by on-line bill pay:

• Provide your account number to your service provider exactly as it appears on the coupon.

• Verify that you have the correct post office box address.

• If you have multiple properties, you must pay for each separately. Posting errors are likely to occur otherwise.

• Make the payment payable to the association, not the management company. Use the complete name – there may be a Sierra Vista I, Sierra Vista II, and Sierra Verde II, so don’t abbreviate “Sierra Vista” or “SV II.”

• If your association changes management companies, or you are notified of a change in payment address or account number, be sure to update your bill pay service right away.

• Just because your bank account has been debited doesn’t mean the association has received your payment. If we have to return a bill-pay check or electronic payment, it can take a long time to find its way back to your bank account, and we have very limited ability to help trace it.

• Don’t assume the payment will arrive in 2-3 days, especially if it’s mailed by your service-provider. That’s why your association gives you a grace period. If you initiate the payment before the due date (not the past due date), you should avoid a late fee.