Why Your HOA Should Use SoshWallet!
Home Owners Associations are often joked about as being an unnecessary nuisance. "I got fined for leaving my trash cans out." or "I can't build my shed as tall as I want in my backyard!" but we all know they serve a bigger purpose. To uphold a standard in our neighborhood that maintains our real estate values! Those HOA fees go towards a fund that should benefit the entire neighborhood. There's different types of group banking for HOA's from standard annual fees to reserve funds.
According to Cedar Management Group - "HOA reserve funds are highly liquid assets that are used to meet future financial obligations. Reserve funds can come in handy whenever there are unexpected costs — both big or small. Thus, it's crucial for every organization to determine how much money is put into their reserve funds."
Whether your HOA only has annual dues, fundraisers, and or reserve funds - SoshWallet can help your HOA with our group banking app! No more expecting the treasurer to chase down every member for a check. No more wondering if your HOA is using everyone's money properly. With SoshWallet's mobile application, your group can bank easy!
According to BankRate.com - "How much are HOA fees? Nationally, the average HOA fee for a single-family home is between $200 and $300. HOA fees vary widely depending on the property location and the amenities available to property owners. The board that runs the HOA decides how much to charge property owners to cover the community's expenses."
These fees go towards covering things like tennis courts, parks, public pools, golf courses, and more. When everyone in the neighborhood is paying these fees, it's nice to be able to see where it's all going.
Most HOA bank accounts are registered as business or corporation checking accounts. Many HOA's have various accounts that serve different purposes. SoshWallet integrates with almost every major bank in the United States, so it is very easy to use. For all your HOA accounts!
SoshWallet will help your community get more involved in your HOA. There's more incentive to be involved in meetings when you can see the group's bank account. Airing discretions over what the neighborhood needs hits a lot closer to home when you can see all the numbers. Transparency is good for everyone involved! It makes the treasurers job easier and generally lets everyone sleep a little better at night know their funds are being put to good use.
All around SoshWallet helps Home Owners Associations by getting the board members more connected with everyone else and creating a streamlined service to collect payments for HOA fees, fines, and reserve funds. We're here to help so if you're a member of an HOA and reading this - tell everyone else about SoshWallet!