Through Community Association Banking, a division of CIT Bank, N.A, we offer association homeowners an opportunity to pay their association assessments using preauthorized electronic payments. Preauthorized electronic payments mean that homeowners can pay their periodic assessments automatically without writing checks, thus reducing the potential for late payments. In addition, the association is assured prompt, predictable payments to help better manage funds. This program is available to all homeowners regardless of where they bank.
The preauthorized electronic assessment payment service uses the Federal Reserve System’s Automated Clearing House (ACH) to facilitate electronic transfers from homeowner checking and savings accounts directly into the association’s bank account. Funds are transferred on a pre-selected day of the month and appear on the homeowner’s bank statement each month. Information regarding payments is reported to the association’s management or bookkeeping company on the same day funds are deposited to the association’s account.