THE MEADOWS ON
RIO GRANDE HOA
Learn More about
Electronic Payments
| How do electronic payments compare to paper checks? |
| A handwritten paper check is like a letter to your bank requesting a transfer of funds from your account to the payee. You sign it and mail it, as you would a letter. The HOA Treasurer collects your check at the Post Office, records your payment, and deposits it at the bank. Electronic payments are more convenient than paper checks, more accurate, and more secure. With a simple click, your encrypted request and payment authorization go directly to your bank. A few days later, your payment appears in the HOA's account. |
| Does paying electronically allow The HOA to withdraw money from homeowners’ bank accounts? |
| Homeowners paying electronically send electronic checks to their banks requesting a transfer of funds from their accounts to the HOA’s. Homeowners, not the HOA, make the requests. The transfers take place only if the banks can verify the homeowners’ electronic authorizations. |
Sign up for Electronic Payments
| Can electronic payment authorizations be forged? |
| Not as easily as signatures on paper checks, or credit-card payments. Fortunately, The Electronic Funds Transfer Act (1978) requires banks to reimburse all types of unauthorized electronic charges, including fraudulent credit- and debit-card charges, if notified within 60 days. So, continue checking your monthly statements. |
| What about the privacy of homeowners’ banking information? |
| The company handling electronic payments for The HOA (Helcim) adheres to rigorous security standards recognized by the financial industry. |
| Would paying by credit card be more secure? |
| Not really; and credit-card payments for HOA dues would cost nearly $10 per transaction. |
| How much do electronic payments cost, and who pays for them? |
| The HOA will pay just under $2 each for most dues-payments collected electronically. |
| Why is The HOA encouraging electronic payments for homeowners dues? |
| Collecting and processing paper checks mailed by everyone in The Meadows has been a time-consuming chore for the volunteers serving as HOA Treasurer over the years. This has made it difficult to fill the position when it becomes vacant. If no one volunteers, the Board will be forced to hire an accounting service. Electronic payments may then become mandatory, and our annual HOA dues will certainly increase. |
More Questions?
treasurer@meadowsonriogrande.org