Electronic Payment an Option for Assessments

The association board and manager encourage all members to take advantage of the association's electronic payment program to pay monthly assessments because it provides numerous advantages to you, the association and the environment.

For association owners, electronic payment is very convenient. Once you have set up your account, you no longer have to worry about lost checks or late payments due to slow mail service. Your assessment is paid at the first of each quarter, and then you have the peace of mind knowing your fees are paid on time. Not only does this save you time and postage, but it can eliminate late fees.

Direct payment is also beneficial for the association. It improves our cash flow, reduces delinquencies and decreases bank charges, such as lockbox service fees. And this helps keep your assessments down.

According to the National Automated Clearing House Association (NACHA), a nonprofit trade association responsible for the nation's electronic payments system, 43 percent of all U.S. households use electronic payments for at least one financial obligation, including mortgage, utilities, investments, insurance and loans. However, 19 billion paper bills are still delivered through the mail each year.

If just 20 percent of households in the U.S. switched to electronic bill payments, 100 million pounds of paper would be eliminated from the manufacturing process-saving 1.4 billion gallons of waste water and 103 million gallons of fuel to deliver it. In fact, a 20 percent reduction in production and transportation of bills, statements and checks would spare the atmosphere two million tons of greenhouse gas a year. For more information on electronic payments, visit www.nacha.org. To calculate your financial-paper footprint, visit www.payitgreen.org.

Home computers and the Internet have made it easy for all of us to take advantage of the convenience of paying our assessments electronically. The form to instruct Bank of Venice to begin electronic payments will be sent to you the week of 01/26/09 or you may pick it up at the office starting 01/20/09. Call the office manager for any additional information you may need.

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