Company Overview
- 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?
- What is lockbox?
- How is the AAFS lockbox different?
- Is there a fee for lockbox?
- What is necessary to set-up a lockbox service?
- Can AAFS process payments that are not accompanied by a coupon or invoice tear-off?
- Can AAFS handle special assessments?
- If our Management Company moves to AAFS in the middle of the year, we will have to send new coupons to our clients. Will AAFS cover this expense?
- What is required to move the banking relationship of the homeowners associations that I manage to Alliance Association Financial Services?
- How many signature cards does a community management company and/or association have to complete?
- What is the WAL Tree Program?
- Is it true that AAFS has a single login for all account activity?
- Does AAFS participate in CDARS?
- What is ACH?
- Does Alliance Association Financial Service support ACH?
- Does AAFS only work with Management Companies?
- Are there any fees or are accounts placed on analysis?
- Are there any minimum deposit requirements?
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?
Lockbox Services
What is lockbox?
Lockbox is a service provided by many banks, often at a cost, to process payments. The bank receives payments, deposits the payments into a company's/association's account(s), and electronically notifies the company/association of the deposits.
How is the AAFS lockbox different?
AAFS has a sophisticated lockbox system that utilizes a number of innovative technologies to efficiently process as many payments as possible.
- Validation File - AAFS accepts a validation file that includes information on payees to more accurately and efficiently process files.
- Returned Data File - AAFS provides via FTP a data file that can be uploaded into any community management accounting software that accepts a data file.
- Learning - The AAFS lockbox system is capable of learning about payments that are processed to more quickly and accurately process future payments.
The AAFS lockbox team currently processes nearly 25,000 payments a month at our state-of-the-art facility, and we continue to increase the number of payments processed.
Is there a fee for lockbox?
No. Alliance Association Financial Services does not charge a fee for our lockbox services.
What is necessary to set-up a lockbox service?
Alliance Association Financial Services will take care of all the necessary set-up for a new lockbox service. We will rent the necessary P.O. Box, review your coupons, and create an online reporting and data system. A community management company should provide a copy of their validation file (preferably with stop information), and information on how they would like their lockbox data file to be formatted (if using atypical formatting). The AAFS team can also assist with the design and development of a coupon scan line that ensures the proper posting of your association payments. The lockbox set-up process is simple, and we are confident you will find our technologies and processes save you time and money.
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 AAFS handle special assessments?
AAFS can process special assessment payments, but an additional coupon will be needed.
If our Management Company moves to AAFS in the middle of the year, we will have to send new coupons to our clients. Will AAFS cover this expense?
AAFS will reimburse the management company for reasonable supply of new coupons that are purchased through SouthData. (AAFS will not cover the cost of postage or additional inserts and/or message.) Please note that AAFS does not pay for coupons for associations that migrate between management companies during the year.
Banking Services
What is required to move the banking relationship of the homeowners associations that I manage to Alliance Association Financial Services?
AAFS has created a simple and streamlined process to move your banking relationship to our team of industry experts. There are five easy steps in moving your relationship to AAFS.
- Learn about the AAFS Banking Revolution through our website or speaking with a representative at 1-888-734-4567.
- Complete our two-page enrollment form and sign one signature card for all the associations under management and for all five of the AAFS banks. (We will provide additional association signature cards for community board members that would like to be account signers.)
- Set-up a lockbox account by providing a validation file and lockbox data file, or by simply telling us the community management accounting software that you utilize (i.e. TOPS, Village Management Software, C3, etc).
- Allow an AAFS Representative to provide training on our simple-to-use and fully functional online cash management system.
- Test all systems to ensure proper functionality.
At AAFS we truly believe in creating a range of products and technologies that emphasize ease-of-use and drive efficiencies through your core business. You will quickly learn our products and online technologies outpace our competitors.
How many signature cards does a community management company and/or association have to complete?
AAFS simplifies the account opening and account management process by only requiring a single Master Signature Card that is completed by the community management company. This signature card is affiliated with all five of the AAFS banks and can serve as the signature card on each of the associations managed by the community management company. (As a note, for boards that wish to be the sole signers on association accounts, an Association Signature Card can be completed in place of the master signature card or in addition to the master signature card.)
What is the WAL Tree Program?
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.
Is it true that AAFS has a single login for all account activity?
Yes, at AAFS our online cash management product uses a single login for all five of our banks. This allows the community manager to easily login to our cash management system to review their accounts and transfer money between their accounts and banks. To learn more about our cash management system and schedule a demo, call 1-888-734-4567.
Does AAFS participate in CDARS?
Yes, AAFS is part of the CDARS Promontory Network, and can provide up to $50 million in FDIC Insurance for Certificates of Deposits through the network. With that being said, AAFS is part of a family of five banks and can provide independent FDIC insurance through each of these five institutions including operating, money market and certificate of deposit accounts
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.
Does Alliance Association Financial Service support ACH?
AAFS does support ACH and allows community management companies to complete ACH transfers from homeowners to association accounts. ACH originations can be processed through our online cash management system and/or a community management accounting software that supports ACH origination by generating a NACHA file.
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.
Are there any fees or are accounts placed on analysis?
AAFS does not charge fees for lockbox or place accounts on analysis. Standard banking fees may apply on specialty items such as returned items or an annual CD-Rom that includes all bank statements for an association. Please call a banking representative at 1-888-734-4567 to learn more.
Are there any minimum deposit requirements?
AAFS does not have account minimum requirements on checking accounts and money market accounts. AAFS does have account minimum requirements on certificates of deposit accounts; these account minimum requirements are typically $5,000.00. Additional information on account minimums is available of the AAFS Rate Sheet.
