Bank Account for HOA

[CathJ]

I've had to take over the banking for my HOA, and since we're currently with Postbank I'm looking to move our banking into the 21st century

Does anyone have suggestions for a cheap bank account, that allows multiple signatories, and has support for EFTs and internet banking? Capitec doesn't allow multiple signatories; FNB has a stokvel account which sounds great from the multiple signatories side, but like Postbank, it doesn't support internet banking.

Any suggestions?

 

[Napalm2880]

Our HOA (40 units) is with Absa. If you need any more info, you're welcome to PM me.

 

[saturnz]

we just have a simple business account with FNB, but the hassle when trustees change is not worth it

and then managing the account, with these certificates that expire every month and other security features, is also quite annoying

 

[CathJ]

We've only got 8 units, so it's really a tiny HOA.

The problem with postbank is that it's not very transparent, as everything has to happen in cash - what's been happening is that person in charge of the account pays any invoices from their personal bank account, then at the end of the month adds it all up and goes to draw that amount from postbank in cash to refund themselves. This isn't great because

1) I don't ever use cash, and I don't want to incur bank fees to deposit cash into my personal account every month
2) To get a balance, or a statement, you have physically go to the post office.
3) There's no record of what the money was actually spent on. All we can see is that Rx.xx was withdrawn, and then we have to assume that invoices exist that add up to that total.

Not that everyone's not trustworthy! But it just seems better that we have more accountability and transparency.