Other Services

Escrow Accounts

Paradise Bank offers an escrow funds management product to companies who have fiduciary responsibility over their clients’ funds. This type of account allows you to maintain one account but accept escrow funds from various clients. We keep track of the interest on each deposit and are able to provide detailed monthly statements and 1099 INT reporting. Benefits to sub-accounting are:

• Record Consolidation - Comprehensive monthly statements that reduce customer paperwork and allow for better management of escrow funds.
  
• Reduces Administrative Burden – The Escrow product streamlines account opening and closing procedures, saving time and money.
  
• Convenient – The customer can call us daily, if necessary, and get information pertaining to any account.
  
• Provides Audit Trail – Monthly statements clearly show the interest earned on each sub-account.
  
• Provides Fund Security – Each sub-account is insured individually by the FDIC up to the maximum allowable amount.
  
• Provides Complete IRS Reporting –1099INT forms are produced for each sub-account holder annually.

Over the past two decades our team of experienced Bankers has specialized in catering to the needs of Homeowner Associations & Property Management Firms. What truly differentiates Paradise Bank from the competition are our local roots, local lock-box, and the ability for us to quickly make local decisions.

Our HOA staff and bank officers attached to this HOA unit are vitally integrated into our Operations Area to ensure a holistic approach to your relationship. With hundreds of existing HOA relationships in place, there is no learning curve at Paradise. We promise and you will receive five-star service as part of the Paradise family.

Pricing is also an important factor when assessing your HOA options. We can virtually ensure cost reductions to your Association while increasing your service levels across the board. We have no overseas call centers or “800” numbers to throw you in a numbing loop. We also encourage you to firsthand gain more information with a private tour of our Operations Center in Boca and to meet directly with the trained professionals who will be your daily contacts.

Based on our experience, we have put together a network of products and services that we know will truly benefit our valued customers.

• Special Rates on CD’s
  
• Special NOW Accounts
  
• Free Internet Banking and Cash Management services available
  
• Special Rates and Tiers for Money Market Accounts
  
• Loans for repairs and renovations
  
• Lines of Credit
  
• Operating and Reserve Accounts
  
• Paradise Electronic Deposit Express PedEx (Remote Deposit Capture)

Our local lockbox service is state of the art and staffed by a team of experts dedicated to your account. Our system is perfected to the point that historically we have the fewest number of “rejected” items, due to the customization of our software to your systems. There are nuances to every account and we invest our time to learn these and tailor our operations to compliment your association.

• Lockbox transactions are processed locally
• We have programmers on standby who can generate any output file to import into your accounting system
  
• Lockbox services are free providing compensating balances are kept at the bank.
  
• ACH services are available and easy to use.
  
• Output files and balancing reports are emailed daily for timely receipt and processing.
  
• Easy access to Lockbox personnel for error resolution and problem solving.

Our online banking system is second to none. Enjoy simplified online banking real time with the most “user friendly”, convenient system available today. Debit your homeowners automatically using the ACH module or manage your accounts daily by making transfers or viewing deposits or checks from the convenience of your office or home.

• Account Activity
  
• Bill Payment
  
• Stop Payment
  
• Transfers
  
• ACH services (Cash Management)
  
• Wire Services (Cash Management)

Over the past two decades, we have developed special depository accounts for Homeowner Associations and Property Management Firms. Most HOA’s are nonprofit, so they are eligible for our “HOA Elite”, an interest-bearing checking account. This means you can write as many checks as you want and still earn interest. To help your clients maximize their returns, we have developed the “Property Management Reserve Money Market” account. In conclusion, we have been, and continue to be experts in the field of HOA banking.

Our state of the art system with local control and authority sets us apart from the competition. Hopefully you will experience our superior level of service and expertise with a long-term commitment to Welcoming You to Paradise!

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