Management company complex bank accounts

[bshatttock]

Hi Nigel

should management company run separate bank accounts for each complex they manage. I understand all of our communal fees are paid directly to the Management Committee account, the monies that they require for utility bills and other costs are deducted and the balance paid onto a complex dedicated account .Is this correct or should all communal fees be paid on to a complex dedicated account.

Best
Barry

[Nigel Howarth]

Hi Barry

There are no rules concerning how management companies manage their accounts.

Regards,