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| >How
You Benefit | >How
it Works |
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| ClearPay
Electronic Assessment Service for Homeowners Associations |
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| Replace
checks and other time-consuming, costly paper payments with Union
Bank of California's ClearPay pre-authorized payment and electronic
assessment processing service. ClearPay service not only saves you
time and money, but also lets you offer association members an easy,
effective way to pay monthly HOA assessments. |
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| How
You Benefit |
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| Save
time and money by reducing assessment processing and mailing expenses.
Improve cash flow through accelerated availability of funds. Enhance
your ability to forecast your cash position by knowing the exact date
deposits will be made to your account. Make payments easier for association
members by offering them the convenient, inexpensive option of automatically
processing their payments electronically - they no longer have to
remember to write checks, incur postage for monthly payments or worry
about incurring late charges. |
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| Here's
How it Works |
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| ClearPay
electronic assessment processing lets
you streamline the depositing of your assessments by automatically
transferring HOA dues from the members' accounts to the association's
account - no more monthly statements to mail out, no more payment
coupons and checks to process. In addition to reducing the time and
cost of processing payments, your funds are available more quickly
through the Automated Clearing House (ACH). |
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| Association
members simply authorize you to draw a specific amount from their
checking accounts at recurring intervals. In the case of special assessments
or additional payments, members can also authorize you to draw the
amount owed from their checking account at specific intervals. |
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| A transmission
file containing payment information is then produced and transmitted
to Union Bank of California. The Bank processes the transmitted file,
deposits the funds into your association account for the total amount
of the authorized payments and electronically charges your members'
accounts at their financial institutions through the ACH. |
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| ClearPay
pre-authorized payment service lets you
simplify the payment of your regularly recurring expenses, including
management fees, insurance premiums, loan payments, payroll, or fees
for ongoing services such as gardening or pool maintenance. This service
can also be used for any non-recurring payables. |
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| ClearPay service
allows you to electronically deposit funds into your payees' accounts
without incurring the time and expense of writing, signing, mailing
or distributing checks. And your payees will enjoy the security, convenience
and timeliness of having their funds directly deposited into their
bank accounts. |
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| ClearPay service
is easy to use. Your payees authorize you to send payments directly
to their financial institutions. When you want to send a payment,
you provide Union Bank of California with a data transmission file
containing payment information. Through the ACH, this information
is electronically sent to the other financial institutions for credit
to your payees' accounts. |
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| To
learn more, email an HOA Banker. |
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