Bank Account
-
- Posts: 18
- Joined: 05 Aug 2021 14:02
Bank Account
When working with a management company, how does/should the bank account set up work. Should they have sole control of the funds / account, or should there be an account for collecting funds and paying bills (managed by them) and one for holding contingency funds managed by the committee. Your advice will be much appreciated. Thanks in advance.
-
- Site Admin
- Posts: 2911
- Joined: 24 Oct 2007 14:38
- Location: Erimi, Limassol, Cyprus
- Contact:
Re: Bank Account
Hi WillowTree
I suggest that if your Management Committee is using a third party to carry out maintenance, repairs, etc., the bank account should be managed by the Management Committee rather than allowing the third party to control it.
I have details from the Hellenic Bank regarding what needs to be done to set up accounts, I'll email it to you.
As your Management Committee will be held liable if anything does wrong with maintenance, etc., it would be foolish (in my opinion) to hand over control of money to a third party.
(You will need two bank accounts - one for communal funds and one for contingency funds.)
Regards,
I suggest that if your Management Committee is using a third party to carry out maintenance, repairs, etc., the bank account should be managed by the Management Committee rather than allowing the third party to control it.
I have details from the Hellenic Bank regarding what needs to be done to set up accounts, I'll email it to you.
As your Management Committee will be held liable if anything does wrong with maintenance, etc., it would be foolish (in my opinion) to hand over control of money to a third party.
(You will need two bank accounts - one for communal funds and one for contingency funds.)
Regards,
Nigel Howarth
Independent information & advice for Cyprus property buyers
Contact Nigel Howarth
Read the latest Cyprus property news
Independent information & advice for Cyprus property buyers
Contact Nigel Howarth
Read the latest Cyprus property news
Re: Bank Account
Can I also have those details to set up the committee's account please?Nigel Howarth wrote: ↑27 Feb 2022 11:15 I have details from the Hellenic Bank regarding what needs to be done to set up accounts, I'll email it to you.
Regards,
TIA
-
- Site Admin
- Posts: 2911
- Joined: 24 Oct 2007 14:38
- Location: Erimi, Limassol, Cyprus
- Contact:
Re: Bank Account
Hi Solva and welcome to the forum.
You can find the relevant bank circular at https://www.news.cyprus-property-buyers ... mittee.pdf
Regards,
You can find the relevant bank circular at https://www.news.cyprus-property-buyers ... mittee.pdf
Regards,
Nigel Howarth
Independent information & advice for Cyprus property buyers
Contact Nigel Howarth
Read the latest Cyprus property news
Independent information & advice for Cyprus property buyers
Contact Nigel Howarth
Read the latest Cyprus property news