M.A. from New Haven County, Connecticut writes:
Dear Mister Condo,
Do condo fees have to be held in a local bank? What is the procedure for getting elected to serve as a board member?
Mister Condo replies:
M.A., common fees do not have to be held in a local bank unless the condominium’s documents specify that they must. In fact, there are several companies that specialize in common fee collection and banking who have no physical office in our state at all. Basically, common fees are either mailed or electronically deposited into a bank account (sometimes referred to as lockbox service) and the association is given access to those funds via checkbook or electronic transfer service.
As for getting elected to serve as a Board member, one needs simply get nominated either by one’s self or another unit owner and then win the election. It is no different than any other democratic election process. Of course, that is the procedure. To win the election it helps to have the best interests of your fellow unit owners in mind and to have a strategy of explaining why you are a good choice to lead the community. Some communities find it very difficult to attract volunteers to serve. Others find they actually have competition amongst interested candidates. In a smaller community such as yours, I am betting they’d be glad to have you on the Board. Good luck!