HomeOwners Associations
Assessment Collection
Many HOA members view assessment collection as the most significant Association function. Assessments are not only the source of all operating and reserve funding; they are most often a source of member frustration. Summit State Bank can play a significant role in ensuring your assessments are collected and processed on time while minimizing errors and member effort. By using our Assessment Collection Services, payments are processed directly by the Bank, safely deposited the day they are received.
Summit State Bank offers 4 ways to pay assessments.
Lock Box Collection Service - Send a check directly to the Bank
- We provide the coupons the first year; and each year thereafter when you maintain a minimum balance.
- Deposits are made to the Association operating account every day a payment is received.
- View your account balance at SummitOnline banking.
- Check images are available to help resolve any discrepancies.
- Our daily electronic payment report loads directly into TOPS™ Software.
- We also send a hardcopy file to ensure you always have a back-up.
Electronic Collection Service - Members can pay assessments automatically
- Electronic Assessment Collection using ACH is a great way to ensure timely and accurate payments.
- Electronic funds transfer debits the member's specified checking or savings account.
- ACH payments are processed on the date requested by the Association.
- Deposits appear in the Association's operating account the next day.
- View your account activity at any time using SummitOnline banking.
- Summit State Bank manages the ACH file changes as requested.
- A consolidated payment report includes both electronic and lockbox payments.
- A printable file gives you a paper backup option.
ezDeposit Remote Check Scanning - Ideal for on-site managers
- Our desktop scanner in your office creates Check21 image of each check.
- Scan up to 50 checks at once.
- Complete the deposit electronically.
- You can store an image of each check.
- View your account activity at any time using SummitOnline banking.
On-line Bill Pay - Lets members pay directly through their own on-line banking
- Members set up automatic bill pay requests on-line at their own bank.
- We process the payments without a coupon.
- Makes payments automatic without the need for ACH authorization forms.
- Our daily electronic payment report loads directly into TOPS™ Software.
- We also send a hardcopy file to ensure you always have a back-up.
