Personal Finance

Payment Method for Condo Fee

  • Last Updated:
  • Oct 6th, 2009 3:16 pm
[OP]
Jr. Member
Jan 21, 2007
112 posts
16 upvotes

Payment Method for Condo Fee

Hello all fellow Condo Dwellers,

I would like to survey those of us who live in a condo what method of payment you use for your condo fee.

The only way I pay for mine is by cheque. To make it less labor intensive in terms of delivery, I gave them 12 post-dated cheques at the beginning of the fiscal year.

The annual meeting is coming up and I am planning to proposal a better way to make the payments. Cheque shouldn't be the only way for it. There are pre-authorized payment out of bank account, credit card or even online bill payment from your bank account (like an expense). My mgmt company seems like a dinosaur and I need to pull it out of the stone age figuratively speaking. I'd like to see what's the prevalent method(s) out there.

Thank you in advance for sharing! ;)
14 replies
Deal Addict
Feb 9, 2005
4169 posts
16 upvotes
My strata has gone through 2 or 3 management companies since I've been living here and they've all supported preauthourized payments and cheques. I don't think other forms of payment are very common for condo fees. CC would result in too much lost to fees and I suspect bill payment would be to difficult to set up and/or track.
Sr. Member
Jul 29, 2009
895 posts
14 upvotes
I can pay by cheque or pre-authorized payment. Though the management company still hasn't sent me the forms for pre-authorized payments. :rolleyes:
Sr. Member
Jan 2, 2003
742 posts
6 upvotes
I always like pre-authorized debit and use it for condo maintenance fees as much as possible.

I hate writing cheques :)
Deal Expert
User avatar
Aug 18, 2005
19005 posts
3659 upvotes
Burlington-Hamilton
I use pre-authorized debt. Some prefer cheques.
Some condos even show up in my online banking payment options list!
Deal Addict
Sep 1, 2005
2469 posts
2 upvotes
our condo does cheques, pre-auth debit or interac.

cc's have 2-5% fees so the condo board would need to raise the fees to cover that.
Deal Expert
User avatar
Dec 11, 2005
19152 posts
1642 upvotes
As said, CC would be dumb.

Another alternative might be to just ask the condo board to set up an email address people can EMT payments to if they want. If you have a banking plan that includes EMT like BMOs do, this is a great simple way to send payments.
To be nobody but yourself - in a world which is doing its best, night and day, to make you everybody else - means to fight the hardest battle which any human being can fight; and never stop fighting. -- E. E. Cummings
Jr. Member
Dec 22, 2005
195 posts
23 upvotes
You always have the option to Fire your Management company. .Speak to your Council President...
Deal Fanatic
User avatar
Dec 25, 2003
9273 posts
1261 upvotes
Vancouver
Accepting cheques is a recipe for arrears. The vast majority of owners in my complex are on direct debit but a few still pay by cheque. Guess who the delinquents are?

I wish we forced everyone to pay by direct debit.
General Radek had some good ideas.
Deal Expert
User avatar
Dec 11, 2005
19152 posts
1642 upvotes
1226 wrote: Accepting cheques is a recipe for arrears. The vast majority of owners in my complex are on direct debit but a few still pay by cheque. Guess who the delinquents are?

I wish we forced everyone to pay by direct debit.
I don't know why people think this. Direct debit is just as susceptible to bouncing as cheques are. If their cheques are bouncing, so would a direct debit.
To be nobody but yourself - in a world which is doing its best, night and day, to make you everybody else - means to fight the hardest battle which any human being can fight; and never stop fighting. -- E. E. Cummings
Deal Addict
User avatar
Mar 30, 2004
3502 posts
778 upvotes
I refuse to use pre-authorized payments from my Bank Account....

Ever try to stop one when they continue to widthdraw after you've moved or changed companies?
Deal Fanatic
User avatar
Dec 25, 2003
9273 posts
1261 upvotes
Vancouver
brunes wrote: I don't know why people think this. Direct debit is just as susceptible to bouncing as cheques are. If their cheques are bouncing, so would a direct debit.
It's not that they're bouncing, it's that they'll go to China for months at a time and not leave enough cheques. Or forget to sign them. Or date them. Or put the wrong year. Or make them out to the wrong payee. Automatic payments are so much easier administratively.
General Radek had some good ideas.
Deal Fanatic
Jul 1, 2007
8344 posts
1344 upvotes
I'm on my condo board. I've used preauth for the current and former management company. It's really not that expensive, especially if the property manager has a bunch of buildings on the same system.

Incidentally at any given time we've got about $30K in arrears because of deadbeats who choose the cheque option. We eventually get the money, it's just that that money would look a lot nicer in our reserve fund.

No condo corp in their right mind would accept credit card to pay fees/fines (though we keep getting people who ask).
Deal Addict
Sep 1, 2005
2469 posts
2 upvotes
Why can't a condo board charge interest on the outstanding?

2% per month after the first month would go a long way to make sure people are up on what they owe.
Deal Addict
Feb 9, 2005
4169 posts
16 upvotes
dark169 wrote: Why can't a condo board charge interest on the outstanding?

2% per month after the first month would go a long way to make sure people are up on what they owe.
They do have various charges for being in arrears. I had to pay a $25-50 late fee just because my PAP failed even though I got them a cheque only days later. The deadbeat condo owners outright don't care and simply refuse to pay anything. Once the arrears are high enough, the strata will place a lien on the unit.

Top