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AUTOMATIC PAYMENT ENROLLMENT FOR POA DUES

Why should you set up an automatic ACH payment for POA dues?

Setting an ACH payment for the POA dues saves extra work for the people involved in the accounting of Pelican Cove (PC): Property Manager, Accountants, Treasurer, POA Lawyer, and other board members who have to be involved when dues become overdue.

Which Bank does the PC POA use for banking operations?

The PC POA does its banking operations with Truist Bank; this is the bank that emerged from the merger of Branch Banking and Trust Company (BB&T) and SunTrust Bank.

What is an ACH payment?

ACH stands for Automated Clearing House, a U.S. financial network used for electronic payments and money transfers. Also known as “direct payments,” ACH payments are a way to transfer money from one bank account to another.

How do owners enroll in ACH payments?

In order to set up ACH payments, owners have to fill up a form titled

“TRUIST ASSOCIATION PAY (ACH) AUTHORIZATION” (see link above) and return it to the PC Property Manager.

The Property Manager will communicate with the PC Accountant and Truist Bank and set up the system as of the NEXT quarterly dues.

Is it safe to use ACH payments?

Several PC owners have been using enrollment in ACH payments for years. The process is like the automatic payment of utilities (electricity, cable tv, etc). You instruct your bank to pay recurrent bills—in our case the quarterly POA dues or, for those financing the roof assessment, the monthly payment of the roof loan.

IMPORTANT THING TO REMEMBER

If the POA DUES increase and you are enrolled in ACH payment, the POA will ensure that the amount is revised accordingly. No new action is required on your side; ever.

©2020 Pelican Cove Property Management Association. All Rights Reserved.

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