- Buy them by acquisition – not so easy and expensive
- Offer toasters, bricks and mortar, advertising, higher rates - hard work and expensive
- You are ignoring the fundamental “know your client provisions” of the Patriot Act. With few exceptions, you have no idea who the ultimate depositor is. They could be drug dealers or worse. I think I’ve figured out how you justify it, but it reminds me of Enron & Arthur Anderson.
- Direct Debit Authorities are flying around like confetti putting the ACH at risk.
- HOA’s and the Management Companies are impossibly intermingled. If of them goes bankrupt, it would be an unholy mess. I’m involved in a live case where we may find out. Click HERE
- The FDIC it appears has been very clear. Click HERE. Unless the bank account documentation reflects the words that Management Companies are acting as fiduciaries for an HOA, the FDIC insurance does not flow through to the deposit. Shades of Keating et al. And of course, if they did put those magic words in, Management Companies would find it impossible to escape regulation as the quasi shadow banks that companies like FirstService are really functioning as. Click HERE if you can find those magic words or even the name of an HOA on the bank account details there.
- Come onto our blog at www.arizonahoa.blogspot.com and explain why we are wrong. I’ll be the first to apologize.
- Alternatively, we have at least two administrative hearing coming up noticed by the Arizona Dept of Real Estate as explained below. Please ensure we get the best of your best to testify.
- Sellers vs Grayhawk Community Association Feb 16, 2017 (CCMC and Alliance Association)
- Sellers vs Vintage at Grayhawk Owners Association Feb 17, 2017 (FirstService & US Bank)
- Sellers vs Rancho Madera tbd (Trestle Management & Mutual of Omaha)