Although we can operate a client account for collection of your service charges we believe that all management companies should have their own bank account. This does attract bank charges but these charges are minimal and the pros of having control of your own funds far outweigh the bank charges that your account will attract.
This methodology will give you control over your finances and will give you the comfort of knowing that absolutely no payment can be made to anyone, not even HMS, without you having countersigned the cheque first. You will be safe in the knowledge that your own money is safe, no matter what. You will also enjoy the benefit of any interest earned on the account.
If you do not already have your own management company bank account, we will arrange for a new account to be opened in your management company name with LloydsTSB Bank Plc, although you may nominate another bank should you wish to do so. When your account is first set up, whoever represents you (usually the nominated directors of your management company) will be set up as signatories on the account. Due to Anti Money Laundering Regulations, this will involve (unless you are already known to the bank with whom the account is opened with) a one off visit to any branch with the relevant documents that are required.
We will be the main contact as far as the bank is concerned for the delivery of documents etc. However, security levels that we will instigate on the account will mean that you or one of your fellow directors or lessees will have to countersign any cheque before it will be honoured. This will also be the case for the payment of our fees. This is unlike many of our competitors who simply pay themselves out of the funds in their client account without recourse to their client for appropriate permission.