Decisions, decisions! Today, it seems there are endless options when it comes to buying goods and acquiring services. Financial institutions are no exception. There are big international banks with a presence across the country. Regional banks are poised to serve particular cities and towns. Credit unions are nonprofit and owned by their members.
So how do we choose? Here are some things to consider when evaluating a financial institution for your HOA:
Products: Check to make sure there is a full line of financial products to cater to every need. While your HOA may only need a savings and checking account, it’s good to have options.
Fees: Small fees can really add up every month, eating into your HOA’s reserves. Read the fine print so you don’t get stuck paying fees that could be better used to enhance your community or saved for a rainy day.
Technology: There was a time when the only way to deposit funds into an account was to go on site. While that’s still an option, 21st century technology has made banking much more convenient and efficient. Is the institution embracing the latest technology and making it available to customers? Also, make sure adequate safeguards are in place to protect your HOA’s sensitive information and that of residents.
Reputation: The internet is a ready resource for reviews of all stripes. If you’re in the market for a new financial partner, you might consider reading online reviews. What do past and present customers like? What could be better? This feedback might guide your decision.
Community engagement: Social impact demonstrates an institution’s commitment to the neighborhoods in which it operates. Most consumers want to do business with an organization that supports community projects. That could be through grants, donations and sponsorships or a combination of the three.
At the end of the day, partnering with a financial institution is really a decision rooted in trust. Speaking of trust, it’s important to forge relationships with professionals who inspire confidence — no matter the industry. While we aren’t a financial institution, we can add value in other ways.
Our professionals implement proven, yet flexible, systems that resolve all association concerns. We can custom-design a solution around your association’s specific requirements and budget needs. Our main priority is to help increase the value of your community. Our managerial staff provides a variety of ways to help your association/HOA achieve this goal. Visit to learn more.
