Meet our nationwide team of industry specialists who can help you grow your business and improve your bottom line.
HOA Lockbox Services
Benefits at a Glance
- Accelerate your payment collection cycle with our nationwide lockbox network
- Reduce assessment mail-in time
- View images of payments and remittance documents online, improving your research capabilities and customer service
- Same-day processing of assessment payments received
- Automatic update of accounting records with customized processing and online reporting
- We will process ACH services to collect monthly homeowner payments and provide homeowners with our convenient online authorization form
Our popular HOA lockbox service streamlines assessment processing for online bill payments, increases accuracy, reduces costs, and allows you to focus on other priorities such as growing your business.
For homeowners who mail their payments, a regional lockbox address provides a local feel and quick delivery times, decreasing the potential for late fees. We can process coupons or billing statements that you or your approved vendor prepares. Unlike many of our competitors, we can process payments without coupons or remittance documents by simply verifying names and addresses against your homeowner information in our database.
Our convenient HOA lockbox Automated Clearing House (ACH) services give homeowners the ability to sign up for electronic payments to be taken automatically from their account each month. This process gives your associations faster and more-predictable cash flow and eliminates the need for your staff to administer these payments.
Convenient downloading of banking activity into your accounting software gives you access to daily reports of assessment payments and check numbers. You can follow up with late notices as needed and prepare for the next billing cycle.
Reduce your staffing needs
With our HOA lockbox service, you avoid the usual first half of the month peak workload, as well as the necessity of hiring additional accounting staff to accommodate an expansion of the associations or unit owners you serve. Our image-based system eliminates manual errors, and our extensive online HOA database makes homeowner look-ups quick and easy. The result is less time spent reconciling accounts and resolving homeowner issues.
At Union Bank, we continually enhance our processes and procedures to improve your association banking experience. To learn more about our HOA Lockbox Service, contact us.