Frequently Asked Questions

(MANAGEMENT COMPANIES)

What is lockbox?

Lockbox is a  service that offers clients the convenience of having their accounts receivable payments deposited directly into their associations' checking account.   

Do you have the ability to print statements as well as coupons for remittance processing?

Yes. Statements are one page with a bottom remittance tear off, complete with scan line, and include a return envelope.

Can First Community Bank process payments without a coupon?

Yes. In most cases payments can be processed without a coupon provided the check is payable to the legal name of the association and includes your name, address, and unit number.       

Can First Community Bank receive Bill Pay payments from homeowners?

Yes.  A homeowner may initiate a bill pay check with their online bill pay provider.  Make the check payable to the legal name of the association and include your name, address, and unit number.      

Can I get replacement coupons throughout the year, for misplaced coupons or resale's?

Yes.  You have the ability to print coupons in your office through our lockbox website, or you can order a replacement book from us.

What happens to any correspondence a homeowner may send in with their payment?

All correspondence is forwarded back to the Management Company. 

What happens if  the homeowner sends in a different amount than what is printed on the coupon?

The payment is processed for the amount of the check. 

Can we have our special assessment payments deposited into a separate bank account?

Yes.

If a homeowner owns multiple units within an association, can they send one check in for the total payments?

Yes.  But you must include the coupons for each unit with the single check payment.       

If a property is in collection, and we do not want to accept any payments, is there a way to stop a payment?

Yes.  You can add a stop on any unit within an association through our lockbox website.

If a homeowner receives a late notice, but insists they sent in their payment, how can I research the payment?

You have the ability on the lockbox website to research payments.  There are many different search options, including, the date, the homeowners checking account, the check number, and the dollar amount of the check.     

Can the branch set up an Association Customer?

No.  Association Customers are set up through our Lockbox Services Department.       

Will First Community Bank loan money to an association?

Yes.  First Community Bank of America offers comprehensive loan products and services to qualifying applicants.       
Contact us to inquire about your specific loan needs.     

Why is CDARS the best choice for certificates of deposit over $250,000?

CDARS (Certificate of Deposit Account Registry Service) offers full FDIC insurance on deposits larger than $250,000 with the convenience of depositing through one bank.  One Bank, One Rate, One Statement.        

Please refer to our CDARS link for more information, or contact us today.