As I started all this, I’ve done a bit of research into the possible reasons for the preference that many Strata Managers have for this particular Bank as opposed to any of the other thirty (30) approved financial institutions (in NSW).
According to some Strata Manager mates of mine (yes I still have a few even though our Plan no longer partakes of their services) this Bank has developed a very good software package for strata management operations, including customised features for levy collections, on-line payments, late payment follow-up, contractor payments, reporting to Owners Corporations, and more.
Clearly (or so I’m informed) this Bank’s software package links to their business banking products, and that closes the loop to that Bank’s benefit.
As to the existence of other inducements of the types suggested by Juan, one of my mates made a definitive “no comment”, so I suspect they do exist, and that just like those commissions paid to Strata Managers by Insurance Companies they’d be noted on the Disclosure Schedule of Strata Management Agency Agreements; yes?