Homeowners associations (HOAs) rely on the collection of annual dues or assessments from homeowners to fund operating expenses, primarily payments to contractors for property management, maintenance and repair services.
FVCbank has products and services tailored to meet the unique needs of HOAs. Let our bank officers put together a package to ensure steady cash flow and peace of mind.
Line of Credit
- Reduces costs by earning supplier discounts
- Enables you to purchase inventory or pay project start-up costs before customer payments are received
- Enables operations to continue
Term Loans
- Increases availability under current line of credit by “terming out” amounts that are more-or-less permanently drawn down under the line cap
- Reduces strain on cash flow by extending repayment schedule on a current short-maturity loan
- Provides predictable structure for repayment, enabling better cash flow and debt management planning
Sweep Services
- Save time — eliminate time spent transferring excess funds
- Increase earning power of idle balances when funds are invested
- Reduce interest expense when funds are used to pay down Line of Credit
Remote Deposit Capture
- Increase productivity—eliminates daily trips to the bank
- Save time—expedite check processing
- Speed cash flow—faster access to funds
- Speed information flow; receive earlier notification of returned checks
- Reporting—detail deposit and image reports
Positive Pay
- Reduce unauthorized transactions
- Limit the risk of fraudulent duplicate checks
- Receive suspicious activity alerts
- Approve or decline payments
- Reconcile accounts quickly and easily
For more information on our Home Owners Association’s banking services. Reach out to one of our experts today at 703.436.4740 or contact us online to learn more.
