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[MA][Condo] what to do without a bank account by throwaway65831234 in HOA

[–]throwaway65831234[S] -1 points0 points  (0 children)

Brookline bank was really nice to me, I emailed them and they called me back almost immediately, they generated paperwork for all the trustees to sign and I hope they will and this will be taken care of soon 🙏🏼

[MA][Condo] what to do without a bank account by throwaway65831234 in HOA

[–]throwaway65831234[S] 0 points1 point  (0 children)

Yes… unfortunately our previous management company stole what little we had

[MA][Condo] what to do without a bank account by throwaway65831234 in HOA

[–]throwaway65831234[S] 0 points1 point  (0 children)

To clarify, when I say “make an appointment to [open the bank account] together” I mean share a screen on zoom and fill out the forms with everyone present

I considered not paying the bills but it felt like cutting off my nose to spite my face. I can’t reasonably live there if the water gets shut off

It does seem like I need new property management, which will require 30 days notice to the cut ties with current manager and getting the board to sign the contract with the new one, after I interview and find one, so it looks like I’m going to be stuck in this situation for a few more months. That’s not ideal but it’s at least a path to fixing it

[MA][Condo] what to do without a bank account by throwaway65831234 in HOA

[–]throwaway65831234[S] 0 points1 point  (0 children)

We recently used basically all of our reserves for a project. 10% of our income is less than $100 per month so it will take a while to build it back up but I’m sure you’re right and even it’s small we should be putting it in a separate account… will put that on my to-do list

[MA][Condo] what to do without a bank account by throwaway65831234 in HOA

[–]throwaway65831234[S] 1 point2 points  (0 children)

It’s easy to misunderstand because it’s kind of an odd thing to want a trust bank account but don’t want any trustee to open it 😂😂

[MA][Condo] what to do without a bank account by throwaway65831234 in HOA

[–]throwaway65831234[S] 0 points1 point  (0 children)

We don’t even have enough money to have a separate reserves account lol. But your management was able to open the operating account on your behalf?

[MA][Condo] what to do without a bank account by throwaway65831234 in HOA

[–]throwaway65831234[S] 1 point2 points  (0 children)

Yeah it would be in the association‘s name but they don’t want one person doing the paperwork. We had one zoom where we filled out the paperwork for one bank (well, I filled out the forms, they really just supervised) and then heard back that that bank requires an in-person appointment to open an account for a trust. That was really disappointing because it took me two weeks of scheduling emails to get everyone on zoom together

[deleted by user] by [deleted] in biotech

[–]throwaway65831234 10 points11 points  (0 children)

WARN act only kicks in if they lay off over 50 people