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Best Practice Banking

Monday, 05th January 2015

As an owner in a residential strata scheme, you are probably aware that as part of their broader management services, your strata management company operates an individual bank account on behalf of your strata scheme. Through this you pay your strata levies and your strata manager pays suppliers such as councils, maintenance providers and insurers.

It’s likely that your strata management company works with Macquarie to provide market leading banking services to their clients. Together, we deliver a number of benefits which, although you might not see them every day, are working in the background to ensure your strata scheme operates efficiently.

Convenience

Most importantly, you are provided with convenient options to pay levies.  Macquarie's banking relationship with your strata management company enables owners to pay their levies when they want and how they want, in a secure environment using the DEFT Payments System, the market leader in levy payments.

This not only includes the options you would expect, such as BPAY® and paying at the post office, but also provides an online payment solution for credit card and direct debit that ensures levy payments are easy for owners. This means that funds are available to meet expenses of your strata scheme and, where applicable, you can access discounts for timely levy payments.

Streamlined payments

Through integration between Macquarie and your strata management company, receipting of levy payments is automated.  This means levy payments are deposited into your strata scheme's bank account swiftly, making the process simple and cost-effective for strata managers. 

Without this software integration, payments would need to be porcessed, receipted and reconciled manually.  This would be inefficient and costly, subject to manual error while taking the attention of strata managers away from the job at hand.

In addition, efficient outbound payments to suppliers mean taht their terms are met, they are paid on time and there are no delays.  Strata managers also have access to steamlined processes for investing and redeeming surplus funds for each strata plan.

Transparency and accuracy

Through DEFT, payments are receipted on a daily basis, facilitating a seamless reconciliation process and up-to-date payment records. This means you can be confident that your strata scheme’s account is reconciled accurately.

As mentioned above, your strata management company operates an individual bank account for each strata scheme, which is not only the most efficient way to manage a strata scheme’s finances, but also provides the greatest transparency of transactions relating to your strata scheme.

Macquarie continues to evolve their banking partnership to deliver benefits to all our clients.

Disclaimer

BPAY® is a registered trademark of BPAY Pty Limited ABN 69 079 137 518.

This information has been prepared by Macquarie Bank Limited ABN 46 008 583 542 AFSL and Australian Credit Licence no 237502 (“Macquarie”) for general information purposes only, without taking into account any personal objectives, financial situation or needs. Before acting on this general information, you must consider its appropriateness having regard to your own objectives, financial situation and needs. Nothing in this article shall be construed as a solicitation to buy or sell any financial product, or to engage in or refrain from engaging in any transaction. You should obtain a Product Disclosure Statement (PDS) available from us and consider that PDS before making any decision about whether to acquire any particular financial product. The information provided is not intended to replace or serve as a substitute for any accounting, tax or other professional advice, consultation or service.

Supplied by: BCS Strata Management form Community Lifestyle Magazine

 

By Cameron McMillan

National Head of Strata, Macquarie Business Banking

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