Cedar Management Group is transitioning to Alliance Association Bank.
Beginning November 1, 2022, Cedar Management Group (CMG) will transition from First Citizens Bank (FCB) to Alliance Association Bank (AAB).
There will be no additional costs associated with the transition apart from the usual bank fees.
What Homeowners Can Expect
We can assure you that making this transition is the best possible choice for homeowners. We are also here to assist you if you have questions about how your HOA dues are to be paid from now on.
FCB accounts will remain open for several months following November 1st.
Owners will need to create a user account in the online payment system to track and schedule payments.
How owners can pay with Alliance:
- ACH. Owners who are already on ACH payments will receive an email the week of 10/17 with a link you will need to click. Clicking on this link will automatically let the new bank (AAB) process their ACH payments. ACH payments will remain free only if owners set it up with a checking account. This is only for people who are already signed up for ACH draft. If you had ACH draft set up with First Citizens and did not get an email from AAB by 10/21 please email firstname.lastname@example.org
- eChecks. Owners can also pay through eChecks, which will be available through the AAB portal.
- Credit or Debit Cards. Owners can also set up one-time payments using credit cards or debit cards.
- Checks. Owners can also pay using physical checks by mail.
Alliance Association Bank is a trusted bank serving more than 1,000 HOA management companies.
Understanding the Benefits of Moving to AAB
Nobody likes change — unless it’s for the better. And this move to Alliance Association Bank is definitely for the better.
AAB is a bank that focuses solely on community associations. That means getting specialized services geared specifically towards HOAs like yours.
This new partnership is the product of an extensive search for the best bank to handle our clients’ funds.
Some of the benefits you can expect from this transition include:
- Free association banking
- Several online payment options for homeowners
- The option to set up one-time payments or recurring payments — so you can avoid incurring late fees!
- A user-friendly homeowner portal with everything you need
- Secure transactions
Except for a few things like account setup and permissions, homeowners don’t need to do much. Cedar Management Group will take care of everything!