Banking Integrations: CINC Built. CINC Maintained.

Daily bank balances refer to the amount of funds that an HOA has in its bank account at the end of each day. The daily bank balance is the sum of all deposits and credits made to the account on that day, minus any checks, electronic payments, or other debits that have been processed and cleared by the bank.

Bank transactions refer to the movement of funds into and out of an HOA’s bank account. Bank transactions can include deposits, withdrawals, transfers, electronic payments, and other financial transactions that affect the HOA’s account balance.

Bank check images refer to digital copies of checks that have been processed and cleared by the bank. When a check is deposited or processed, the bank creates a digital image of the check, which includes information such as the check number, amount, and payee.

Homeowner check images refer to digital copies of checks and coupons received from the homeowner and processed and cleared by the bank. A digital image of the check and coupon is retained for future reference, whether one needs to confirm payment or align a mismatched payment.

Bank Statements automatically pull in and attach to the financials for an association or management company. A copy will also live in CINC’s accounting database, making it easy to reference for future use.

An internal transfer is a financial transaction that allows individuals or organizations to move money electronically between bank accounts held at the same financial institution.

An external bank transfer is a financial transaction that allows individuals or organizations to move money electronically between bank accounts held at different financial institutions.

Homeowner payments that have been incorrectly applied will go through a process known as a “Move Payment.” This allows the movement of money from one association’s operating account to a different association’s operating account.

In the HOA market, a returned check refers to a check that a homeowner wrote to pay their dues or fees but has been returned by the bank due to insufficient funds in their account. This can result in fees charged by the bank and the HOA.

A lockbox is a secure facility where homeowners can mail their dues or fees. When the homeowner check is received at the lockbox, it is processed and deposited it directly into the HOA’s account.

Online payments are made via a web portal or mobile app. The posting, clearing, and depositing of all entries are automated within the system.

Remote scanning allows property managers to deposit checks received in their office including homeowner payments by scanning the check and uploading an image of it to the bank’s system for processing.

At CINC, we work with 97% of financial institutions to digitize bank bill payments and make it easier for homeowners to pay their HOA assessments or fees through bill pay services.

Positive Pay is a fraud prevention service offered by banks that can help HOAs protect against check and ACH fraud. The Positive Pay service works by uploading a list of approved checks or ACH vendor payments to the bank enabling the bank to identify and block unauthorized transactions.

A stop payment is a request made by an account holder to their bank to stop the payment of a check or electronic transaction before it has been processed.

A new bank account opening refers to the process of opening a new bank account within a financial institution.

Interest posting refers to the process in which bank interest is automatically posted and reconciled within an accounting system.

A global bank reconciliation is a feature that drastically reduces time and chance for fraud or miscalculation of payments within an association management company. In the process, all integrated banking accounts are reconciled in just two clicks.