Hi VicRes, Our OC went electronic a few years ago. It had a lot of benefits previously we had to run around and get two signatures on checks and statements were only really available to the Treasurer.
Here are the features that the bank was able to easily set up:
First there the account had two sub accounts; 1) an on call account for payment of ongoing maintenance. 2) the other a high yielding interest account for one off capital type projects. These roughly equal the maintenance and sinking funds but we occasionally transfer between them.
We don’t ask the treasurer or owners (when they pay fees to pay sinking and maintenance into the different accounts as that would add an extra layer of complexity. In NSW the legislation doesn’t require ‘separate accounts’ just ‘separate accounting’ for each so once a year when the accounts are prepared for the AGM we account and say how much belongs to each fund.
The bank account allows electronic payments via bpay, EFT etc. The accounts are set up so that certain Owners have access to initiate and and authorise payments. Every payment from an account requires two electronic signatures from different authorised Owners. Importantly, every owner can at any time: view the balances and transactions; and pay their fees in.