Multiple payment options now available
In 2022, 79% of LoBT homeowners paid electronically. Electronic payment bypasses the reliability issues of both the US Postal Service and manual bookkeeping. It also eliminates the mail float of "Bill Pay" services. This is a guide to help you set up the best payment plan for your needs. If you haven't already set up your Yardi Condo Cafe' Account, please do that first, here.
Option 1: Alliance Association Bank Online. Owners may set up a payment account and make their payments directly to the Association's bank. There is no third party involvement, and no mail float. You will still need to have a Yardi Condo Cafe' Account account. This is a free service.
- ACH-automatic monthly pre-set payment amt (no charge)
- ACH-manual payment (no charge)
You will need the following info to set up your account
Mgmt Co: 7804
Assoc: LBT
Homeowner: 5 _ _ _ [your Westgrove street number, only]
Assoc: LBT
Homeowner: 5 _ _ _ [your Westgrove street number, only]
Option 2: Yardi Condo Cafe' Payment Account. Owners may pay their assessments in the same place they check their account balances. Yardi Condo Cafe' offers a broader portfolio of payment options. Condo Cafe' is essential for owners on the TXU master account as they can set up payments to automatically adjust to their seasonally different monthly balances. There is a convenience charge for Condo Cafe' payment services (see below).
- ACH-automatic monthly preset payment amt ($1/draft, $12/year)
- ACH-automatic monthly variable payment amt ($1/draft, $12year)
- ACH-manual payment ($2/draft, $24/year)
- Debit Card ($4/draft, $48/year)
- Credit card (2%-3%/draft, $125 - $240/year)
Option 3: Mail and "Bill Pay". This option is best for owners who prefer to use "Bill Pay" services provided by their own bank (e.g., Chase, Wells Fargo, Capital One, Bank of America, Ally Bank, etc.). It is also the best option for owners who prefer to pay by check. LoBT has a dedicated lock box at the bank - no other HOA's can send checks there. There are no fees for the lock box service.
Address checks to:
Lakes of Bent Tree
c/o SNL Associates (TX)
PO BOX 94504
Las Vegas, NV 89193-4504
c/o SNL Associates (TX)
PO BOX 94504
Las Vegas, NV 89193-4504
Write on check or include with payment
Mgmt Co: 7804
Assoc: LBT
Homeowner: 5 _ _ _ [your Westgrove street number, only]
SNL Associates, Inc. - LoBT property manager
Yardi Condo Cafe'- Bookkeeping software used by SNL/LoBT
Alliance Association Bank - National Bank Specializing in HOAs, Operating Account
The Vanguard Group - Emergency Reserve, Certificates of Deposit
Fidelity Investments - Capital Reserve, Investments
First Citizens BancShares Inc - Lender
Yardi Condo Cafe'- Bookkeeping software used by SNL/LoBT
Alliance Association Bank - National Bank Specializing in HOAs, Operating Account
The Vanguard Group - Emergency Reserve, Certificates of Deposit
Fidelity Investments - Capital Reserve, Investments
First Citizens BancShares Inc - Lender
I know you guys have been working diligently on the transition over to the new online payment system and management company. Thank you for your hard work!
ReplyDeletePrior to the transition I would pay my dues in advance and pay a little more than the amount due. For example, I paid my $640 for my November dues on October 21st, $640 for my December dues on November 16th, and $650 for my January dues on December 20th. The 2 checks I wrote during the transition really should have been labeled “February Dues” and “March dues”.
My account is currently showing negative in the new system. I’m confused by the negative amount given that I’ve paid in advance and the recent checks were cashed and amounts applied to my account.
There’s no need to label your check for a particular month. All checks just get posted to your ledger and applied to your balance due. If you have a “Negative” balance, that is in fact a credit. Any amount paid in excess of your balance due will show up with a minus sign to let you know you have a credit balance.
DeleteIn Yardi Condo Cafe', I want to set up the auto payment to pay whatever my balance owed is at the beginning of the month. Under option one it asks for "Current Assessment Amount". Is it correct that I should leave that field blank?
ReplyDeleteI just set up the Alliance Association Bank scheduled payment. It's was very clear what I needed to do. Thanks!
ReplyDelete