One of several ways to pay your Condominium or Association Fees is through Bill Pay.
How do I Set Up Bill Pay with my Bank?
It is best to contact your bank directly for this information. However, here are typical items that your bank will ask you on their website and/or mobile app.
What is the Payee Name?
The Association is the Payee (Not Bricck!!!)
What is the Address to mail the Payment?
Address: c/o Bricck Property Management
Po Box 2486
Secaucus NJ 07096
Do you want to include an account number or any items in the Memo or Notes Section of the Check?
In the Memo section or Notes section - be sure to include your account number.
What is the Phone Number of the Payee?
Phone number: 610-596-8500
What is the Email Address of the Payee?
Email: info@bricck.com
*Please allow 7-14 days for mailing of all Bill Pay Checks. Late fees are not credited or waived if a check is received late.*
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FREQUENTLY ASKED QUESTIONS ABOUT BILL PAY:
What is Bill Pay?
Bill pay is typically a free service offered by your bank. You can login to your bank's website or your bank's mobile app, and ask your bank to send a check on your behalf.
Why is Bill Pay a Benefit to me, as a Homeowner?
Many Homeowners like Bill Pay, because they no longer have to order checks, buy envelopes, or purchase stamps. They can also set up recurring payments so that they do not need to remember to pay each month (or however often their fee is due). Typically, banks offer Bill Pay as a free service. Please confirm this statement with your bank, and do not assume that Bill Pay is free.
Is there a Down-Side to choosing Bill Pay?
On occasion, Bill Pay will actually pay your Association fee electronically, making life easy-peasy for the Homeowner. But often, they cut a check to a third party, called Check Processing Center. This deducts the Association fee immediately from the account of the Homeowner, pays this third party company, who then cuts another check to the Association. This check is physically mailed to the Association.... creating delays through this three step process.
Your bank ----> Check Processing Center ----> Mailed -----> Association
Please allow 7-14 days for Bill Pay Checks to arrive. If a late fee is applied to your account due to a late check arriving, your late fee will not be credited.
You also need to remember to change your bill pay amount if your HOA or Condo fees are increased at budget time - as your bank will not know to automatically increase the fee for you. This is the #1 reason for delinquencies at the beginning of any fiscal year (residents forgetting to increase their HOA or condo fee).
Is there an alternative to Bill Pay?
At Bricck, we recommend signing up for ACH from your checking account or savings account. You can provide your account information over the phone at 610-596-8500 or ask us for an ACH form to fill out. With an ACH form, you never have to worry about adjusting your fees if the budget increases, and the fees are automatically deducted on the 5th of the month your fees are due. You do not have delays in payment, and will never have a late fee on your account (as long as you have funds available in your account)!
Summary:
Bill Pay is easy to set up through your Bank's Online Website or Portal. If you have questions about setting up your Bill Pay, you should contact your bank directly, as each bank may be different in relation to set up.
Bill Pay is typically a free service offered by banks where Homeowners can tell their banks to send a payment directly to the Condominium or HOA. This service prevents Homeowners from needing to purchase stamps, envelopes, and checks and provides a sense of control over issuing payment to the Condominium or HOA. Although Bill Pay is typically a free service to Homeowners, there are some down-sides to this service, including, delay in processing of payments and the need for homeowners to edit the payment if fees are to increase. An alternative payment option for Homeowners is to sign up for ACH.
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Bricck Property Management is a boutique Property Management Company, specializing in the management of Condominiums and Homeowners Associations. We are disrupting the Property Management Industry, providing exceptional technology and great customer-service for an affordable price. Contact us today for a free quote and to see how we can be helpful in your community. Phone: 610-596-8500 Email: info@bricck.com Website: www.bricck.com
