NOTE: Check the Bank Balances of the Savings Accounts every 2nd and 4th week of Friday.(Twice a month review is subject to change because we only have limited transactions for SAVINGS ACCOUNT. We can do it monthly once approved.)
Minimum Balance Requirements
| Account Type | Minimum Balance |
|---|---|
| Business Checking Account | No minimum balance |
| Business Money Market Account | $10,000 |
| Business Savings Account | $1,000 |
| CA Savings Account | $1,000 |
| CA Maxsafe Reserve Account | $100,000 |
Bank Fee Processing Steps
Extract bank balances from IBB (Internet Business Banking).
Review the balances of all Reserve Accounts.
Notify the assigned accountants if any Reserve Account is BELOW MINIMUM BALANCE.
The assigned accountant will check the Reserve Account with minimum balance issues.
Determine the appropriate action based on the account situation:
- Create an XN to CM requesting approval to transfer from OPERATING to RESERVE ACCOUNT
- Create an XN notifying the CM
- Ask for approval for CONVERSION
- Once approved, step the XN to Elijah (requires signed forms to convert the account)
- Karla Solis will confirm when the account is converted
Review all bank fees that have been charged to accounts.
Refund Criteria: Maintenance and Analysis fees are eligible for REFUND if the account meets the Minimum Balance.Check the balance of the savings account with maintenance fee and determine if it NEEDS TO BE REFUNDED.
The accounting team will collate all fees that are eligible for refund and send the list to the Wintrust Bank representative every 10th of the month.
The Association accountant will record the refund transactions to their respective association ledgers under GL code 6005 Bank Fees.
