The management companies in Texas were using a special "signature card" with Community Association Bank that specifically permitted them to receive monies and not deposit them into the account, or to take monies from the account and pay them to affiliated businesses of the management company. Thus these management companies try to avoid accusations of "theft" and "embezzlement" here by simply having small print on the bank signature card that they have the HOA Board members sign when transferring accounts to CAB.
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The management companies in Texas were using a special "signature card" with Community Association Bank that specifically permitted them to receive monies and not deposit them into the account, or to take monies from the account and pay them to affiliated businesses of the management company. Thus these management companies try to avoid accusations of "theft" and "embezzlement" here by simply having small print on the bank signature card that they have the HOA Board members sign when transferring accounts to CAB.
Interesting--the article says the association's bills were going unpaid.
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