But they can and they do because operating funds go up and down throughout the month. To keep that money safe, those accounts should not go over the $250,000 limit. An HOA will have two accounts an operating account and a reserve account. The FDIC covers $250,000 per Tax ID number. That’s not the case any longer, and in the reserve accounts that are used instead, Ken works with HOA management companies to set up insured money market accounts. Long ago, an HOA would have a trust account. There’s been a merger into a bigger bank and it’s creating new opportunities for property manager and HOA clients. It was a security blanket that’s hard to let go of, even if it’s a normal process.īut this is a new bank with a new executive team and new owners. One thing they both mourn is the loss of the Seacoast Commerce name. That allows him to provide more value to his clients. Ken can now present a package on behalf of an HOA client who needs a $10 million loan and expect it to be accepted. The lending limits with Enterprise Bank and Trust are a lot different than they were before Seacoast merged. There’s also a larger lending product for HOAs.
HOA PROPERTY MANAGEMENT SOFTWARE
They can build integrations into existing software programs and expand the product that’s already provided. That doesn’t usually happen.Īnother major benefit to the merger is the flexibility that comes with having onsite programmers. Enterprise has been good about coming to Seacoast for guidance in moving forward. He says he’s been through some terrible ones, and is impressed that this has been handled so well. Ken has been in banking for a long time, and this is hardly his first merger. Most importantly, the specialty deposit team is getting what has been needed. The merger has felt less like being absorbed into another company and more like a collaborative move forward. On February 12, everything will convert to the online banking system used by Enterprise.īeyond the new technology, everything property managers loved about their relationship with Seacoast is the same. The system is sophisticated and easy to use. Property managers who have been working with Seacoast will notice a positive impact. What Seacoast Clients Can Expect with the Merger Relationship managers were advocating for that, and the system that Enterprise Bank and Trust uses is exactly the one they wanted. The online capabilities and flexibility of the bank was hampered by the system they were using, and investing in a new software system wasn’t possible.Ĭustomers of Seacoast needed the tools and support to do online banking more effectively. What was missing, however, was a solid product provider. The benefits were the analysis credit program, the high rates, and the compliance. Growth was never a problem, but there were some things missing. Prior to the change, Seacoast had been successful in becoming the face of property management banking. If you’re not already aware of the merger between Seacoast Commerce Bank and Enterprise Bank and Trust, we want to talk about what that will mean for customers of the bank. The Merger: Seacoast Commerce Bank Joins Enterprise Bank and Trust Allison says she was skeptical of the merger at first, but now she’s excited about the growth of opportunity available for the property managers she works with. She’s an expert in property management banking and introduced to us the concept of analysis credits for property managers before Seacoast joined Enterprise Bank and Trust. His clients would agree.Īllison DiSarro has been with us on The Property Management Show before (check out Property Management Banking & Trust Accounts). His 40th anniversary in the field has come and gone, and one association manager he works with once said that Ken has forgotten more about HOA banking than anyone else will learn in their lifetime.
HOA PROPERTY MANAGEMENT PROFESSIONAL
Ken Carteron has been an HOA banking professional since 1992, and he’s been in the general banking industry since 1980. Introducing Ken and Allison – The Faces of HOA and Property Management Banking Whether you’re already doing both property management and HOA management or you’re thinking about expanding into one or the other, today’s episode is for you. Allison DiSarro and Ken Carteron from Enterprise Bank and Trust, formerly Seacoast Commerce Bank, are on the podcast to talk about the differences in banking for property managers and banking for HOAs. On today’s episode of The Property Management Show, we’ve asked the experts in property management and HOA banking to join us.
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