Bank Announcement – Payments made with paper checks
In lieu of previous issues with paying assessments with paper checks, we wanted to pass along some recommendations from the Bank.
Union Bank Lockbox is where checks are sent when you mail your payment. They have recently updated the equipment used for the lockbox processing, and the most efficient way for payments to be processed is if the check and coupon are submitted WITHOUT staples or paperclips. When payments are received, the Operator loads the contents of the envelope through the machine. If there are staples or paperclips, that payment is put aside to be processed later.
If a payment is submitted without the coupon and doesn’t have an account number on it, it is put in an exception pile and reviewed by the CSSC the following day. If the CSSC can’t identify them, they forward copies to the Branch to be researched. Once this occurs there are only a couple of days remaining before the checks are returned to the Branch.
If the homeowner pays via BillPay, it doesn’t necessarily mean the transaction will be handled quickly as some may think. At this time only, Bank of America and JP Morgan convert the BillPay payments to electronic payments, and all others simply mail a regular paper check, which can cause a delay in posting.
In summary, it is extremely important that the homeowner write the account number on the check or include the coupon with the payment. If they send an electronic payment, they need to be sure to add the account information on the electronic file.
If you have any questions or concerns, please do not hesitate to contact the office.