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Commonly Asked Questions
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April 20, 2014
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Can you process payments that are not accompanied by a coupon? If the homeowner includes the full name of the association and their association account number on the front of the check, the information can be processed into the system and the payment processed.

Our Association requires more than one checking account. Do we pay $25.00 for each account? A $25.00 fee is charged per association, not per account.

Who actually does your lockbox processing? Your payments are processed by Metro Phoenix Bank in our Phoenix office.

Our associations have already sent coupons for the year to their homeowners. Can they use the same ones, but mail them to the new address? This request should be discussed individually; it is possible. Our coupons must contain a scanable OCR line at the bottom for scanning that is unique to the management company and lockbox code.

What if the homeowner sends in a payment for an amount different than what is on the coupon? If the Management company prefers Metro Phoenix Bank to process this type of payment the payment is processed for the amount appearing on the check or we can return them as exception items for manual processing by the management company.

If a property is in collection, and we do not want to accept payments through the lockbox, can you stop them? We can program our system to reject payments from a specific account. These would then be returned as exception items. The information on the hold request must match the information input on the program.

What if our Association has deposits larger than the $100,000.00 FDIC limit? Metro Phoenix Bank offers the CDARS program. This allows your funds to be insured.

If a board member contacts the bank and requests a Certificate of Deposit for the Association would you processes this request? The Management Company would be contacted to verify this request and the requester must be a signer on the account.

Can a customer call the Management Company and make an over the phone payment? Yes, Our system will allow the Management Company to set up the customer one time to retain the information and process the request each time the customer contacts you.

Will Metro Phoenix Bank request our Management Company to open a Business Banking account? Metro Phoenix Bank will be your bank of choice and we are dedicated to your company. We do not need to have an account opened and funded to allow us to set up a portfolio for your Management Company.

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