FAQ
- Are Alliance Association Financial Services and Western Alliance Bancorporation secure organizations?
- Who is on the Management team at AAFS?
- How does AAFS provide five times the standard in FDIC Insurance?
- What five banks are affiliates of Western Alliance Bancorporation?
- Does AAFS only work with Management Companies?
- Can I make a payment online by credit card or electronic check?
- Can AAFS process payments that are not accompanied by a coupon or invoice tear-off?
- Can I use my online banking program to pay my assessment?
- Can AAFS process a single check for the payment of multiple assessments for multiple properties?
- Can AAFS process multiple checks for a single assessment?
- What is ACH?
- How does a homeowner set-up a reoccurring ACH?
- How do I contact AAFS if I have trouble with a payment?
Are Alliance Association Financial Services and Western Alliance Bancorporation secure organizations?
Yes. Alliance Association Financial Services is a division of Bank of Nevada, which is an affiliate of Western Alliance Bancorporation - one of the largest regional bank holding companies in the nation. Click here for more information. Western Alliance Bancorporation (WAL) is the parent company of Bank of Nevada, First Independent Bank of Nevada, Alliance Bank of Arizona, Torrey Pines Bank and Alta Alliance Bank.
Who is on the Management team at AAFS?
AAFS is led by Craig Huntington, a former community management company owner, and former President of Community Association Banc. Because Craig is a former community management company owner, he understands the unique nature of HOAs and management companies. The AAFS team is composed of former community managers and banking experts who are committed to meeting the needs of the HOA industry.
How does AAFS provide five times the standard in FDIC Insurance?
As a division of Bank of Nevada, which is an affiliate of Western Alliance Bancorporation (WAL), AAFS has the ability to insure deposits at each of the five banks under the WAL umbrella. Each of these five banks can be a deposit holder for a community association and provide independent FDIC insurance, allowing an association to receive five times the standard FDIC coverage. It is important to recognize the increase of FDIC insurance to $250,000.00 is temporary and is scheduled to end on January 1, 2014. AAFS encourages community management companies and associations to build a financial management strategy that anticipates this decrease in FDIC coverage.
What five banks are affiliates of Western Alliance Bancorporation?
Does AAFS only work with Management Companies?
No. Although AAFS primarily works with management companies, we also specialize in large-scale communities and work directly with associations. We provide tools and products tailored to all communities regardless of their management structure.
Can I make a payment online by credit card or electronic check?
Yes, AAFS is currently building an online payment center that will allow a homeowner to make their payment from our secure website. The center will support both ACH (electronic check) and credit card payments.
Can AAFS process payments that are not accompanied by a coupon or invoice tear-off?
Yes, the AAFS lockbox team aims to process 100% of all payments received. Although we prefer to receive both a coupon and a check to ensure accurate and efficient posting of payments, we can process payments that arrive without a coupon or invoice tear-off. These payments, typically referred to as check-onlys, are processed using the information included on the check. If we are able to accurately validate the account number and/or homeowner information, the payment will be processed. If we are unable to validate this information, the payment is returned through an automated process to the community management company where additional information can be collected to ensure the processing and posting of the payment.
Can I use my online banking program to pay my assessment?
Yes, a homeowner can use the online banking system provided by their personal bank to pay their HOA assessment. It is important to recognize online payments are not electronic or automated payments. Instead the bank prints and mails a check that includes the information input by the homeowner into their online banking system. Thus, the printed check arrives at our processing center without a coupon. It is important that the homeowner ensures the correct account number is included when submitting the online payment. By including the correct account number, the payment can be properly processed and applied to the correct account.
Can AAFS process a single check for the payment of multiple assessments for multiple properties?
Yes, AAFS can process a single check for multiple properties/accounts. The homeowner should send in all the coupons to ensure the funds are properly credited to each account.
Can AAFS process multiple checks for a single assessment?
Yes, AAFS can process multiple checks for a single assessment.
What is ACH?
ACH or Automated Clearing House is an electronic network for financial transactions in the U.S. banking system. ACH is widely used for both debits and credits. A common use of ACH that many consumers are accustomed to is the credit transfer for direct deposit payroll. In direct deposit payroll, ACH is used to move funds from an employers account to an employees account. ACH debits are also widely used to collect funds for consumer payments on a range of products from mortgage loans to insurance premiums to HOA assessments.
How does a homeowner set-up a reoccurring ACH?
Homeowners can set-up a reoccurring ACH payment by contacting their community management company. Alliance Association Financial Services provides the system to complete ACH payments; however, homeowners must set-up a reoccurring ACH contract with their community management company to use the service.
How do I contact AAFS if I have trouble with a payment?
AAFS is committed to providing quality support to homeowners, associations and community management companies. If you experience any trouble making an online payment, you can call our customer support team a 1-888-734-4567 or email info@aafin.com.
