Alliance Association Bank
Most of the associations we manage use Alliance Association Bank, which is exclusively dedicated to providing banking services for condominium and homeowner associations.
They provide lockbox services free of charge, and online payment of dues by eCheck, credit card, or debit card. CPM’s ACH process ties into Alliance so that the money is automatically deposited to your operating account. Alliance manages CDs and CDARS accounts for reserve funds, loans for capital expenses, and various other services. All bank accounts are interest-bearing and are set up using the association’s Tax ID so the accounts belong to the association regardless of changes in management and/or board members. Their technology and procedures are designed to minimize risks. Alliance Association Bank has a link to access our management software (VMS) directly. Bank statements load directly into VMS for inclusion in the financial reports. Owner accounts are updated daily to reflect any payments received by the bank’s lockbox or processed online the previous day. The general ledger is updated daily to reflect checks that have cleared the bank. The board treasurer has access to Alliance Association Bank’s website to see current balances and transactions. For more information, go to allianceassociationbank.com.