Now, there’s no need for you to rush to the bank before closing time to make deposits. With HOA Remote Deposit1, your community association, Homeowners Association (HOA), Common Interest Development (CID) or Planned Unit Development (PUD) assessment checks, plus other deposit transactions, can be deposited electronically from your office or any remote location.
How Remote Deposit Works
HOA Remote Deposit uses a scanner to create check images from your location. These scanned images are then transmitted directly to our central lockbox processing center and into your community association, HOA, CID or PUD account. We then convert the images to an electronic file of substitute checks, for fast, safe clearing at the payor’s bank. This service lets you:
- Scan checks directly to Lockbox without sorting or entering any information.
- Deposit checks directly into a community association, HOA, CID or PUD account.
- Open and fund new accounts, including CDs, CDARS2, ICS and Money Market3 accounts.
Save Time and Trouble
The one-time setup of HOA Remote Deposit usually takes about 30 minutes, so your staff can be up and running in less than an hour. We provide you with the check scanner and, in some cases, we can work with your existing check scanner. We also provide ink cartridges and cleaner when you need to replenish it.
With HOA Remote Deposit, you get the benefits of:
- Streamlined, efficient operations.
- Improved funds management.
- Same day deposits, posting anytime Monday through Friday up to 4:00 p.m. Pacific Time.
1. A Business Checking account required. Other related fees may apply. Some products and services may be subject to prior approval or fees. Refer to disclosures provided at account opening, the Business Schedule of Fees, and Pro Forma for additional information. Funds deposited through Remote Deposit Capture will follow Western Alliance Bank’s funds availability policy as outlined in the Deposit Account Agreement Disclosure.
2. Deposit placement through CDARS or ICS is subject to the terms, conditions, and disclosures in applicable agreements. Although deposits are placed in increments that do not exceed the FDIC standard maximum deposit insurance amount (“SMDIA”) at any one destination bank, a depositor’s balances at the institution that places deposits may exceed the SMDIA (e.g., before settlement for deposits or after settlement for withdrawals) or be uninsured (if the placing institution is not an insured bank). The depositor must make any necessary arrangements to protect such balances consistent with applicable law and must determine whether placement through CDARS or ICS satisfies any restrictions on its deposits. A list identifying IntraFi network banks appears at https://www.intrafi.com/network-banks. The depositor may exclude banks from eligibility to receive its funds. ICS and CDARS are registered service marks of IntraFi Network LLC.
3. Withdrawal transaction limits apply. Refer to disclosures provided at account opening and the Schedule of Fees and Charges for additional information.