Financial Accounts is currently in beta and is not yet available to all accounts. If you're interested in joining the beta for this feature, please reach out to support@payhoa.com.

What is the PayHOA Financial Account?

The PayHOA Financial Account lets your homeowners association manage funds, pay vendors, transfer money, issue spend cards, and track transactions — all within the PayHOA platform. It syncs with your PayHOA accounting system for real-time financial management.

Will it replace my existing bank integrations, like Plaid or Western Alliance Bank?

No. The PayHOA Financial Account is an extra tool that works alongside your existing bank integrations, giving you more options without disrupting what you're already using.

How does it work with my existing PayHOA accounting system?

Seamlessly. Every transaction from your Financial Account is automatically synced to your PayHOA accounting records, so your reporting stays accurate and up to date without any manual entry.

Are there any extra costs?

Nope! The Financial Account is included in your PayHOA subscription at no additional cost.

Who are PayHOA's banking and payment partners?

PayHOA partners with Stripe Payments Company for money transmission and account services. Financial Account funds are held at Fifth Third Bank, N.A., Member FDIC. PayHOA Visa® Commercial spend cards are powered by Stripe, issued by Celtic Bank, and run on the Visa card network.

Is it safe to manage HOA funds through the Financial Account?

Absolutely. Your financial data is protected by Stripe's industry-leading security, including encryption, secure API connections, and compliance with PCI DSS and SOC 1/SOC 2 standards.

Are my funds FDIC insured?

PayHOA Financial Account balances are eligible for FDIC pass-through deposit insurance when certain requirements are met. Coverage applies only to the extent pass-through insurance is permitted under FDIC rules and those requirements are satisfied. FDIC insurance covers up to $250,000 per depositor, per financial institution, for deposits held in the same ownership capacity.

How do I know the requirements for FDIC pass-through insurance are met?

Stripe Treasury accounts are designed to be eligible for FDIC pass-through insurance. The FDIC makes the final determination about the availability of pass-through insurance at the time of a bank's failure.

Is my FDIC coverage affected if I hold other deposits at the same institution?

It can be. It's your responsibility to know which insured institutions hold your funds. If you hold other business-purpose accounts at the same institution where Treasury funds are held, the FDIC may aggregate all of your business account balances at that institution when applying the $250,000 limit. The FDIC generally does not aggregate your personal accounts with your business accounts.

Does FDIC insurance protect me from fraud or financial loss?

No. FDIC insurance eligibility applies only in the event of a bank failure.

Is there a maximum amount for a single card transaction?

Yes. In addition to any spending limits you configure, an unconfigurable default limit of $10,000 applies to each individual authorization — so no single card transaction can exceed $10,000, regardless of the limits your association sets.

Why did a card charge go over the spending limit I set?

Tips and certain fees can be added by the merchant after the original purchase is authorized. Because that amount posts later, it can push a transaction above the spending limit you configured.

Can I issue both virtual and physical cards?

Yes. A virtual card can be activated and used right away, while a physical card is mailed to the cardholder. Either way, the cardholder gets an activation email at the address on file.

What's the difference between freezing and canceling a card?

Freezing a card is temporary and reversible — it pauses spending and can be unfrozen anytime. Canceling a card is permanent and can't be undone; you'd issue a new card to replace it.

Can a cardholder freeze their own card?

Yes. Homeowners and other cardholders can freeze their own card themselves, in addition to the association being able to freeze it.

Why do I need to provide a cardholder's date of birth?

Stripe requires the date of birth to verify the cardholder's identity before a card can be issued.

Why do I have to complete identity verification (KYC)?

Before your Financial Account can send or receive money, KYC (Know Your Customer) verification confirms your association and its representative with Stripe. It's a one-time setup step.

Can I connect accounts from more than one bank?

Yes — you can connect accounts from multiple bank institutions. During KYC you'll add accounts from a single banking institution, however, once KYC is complete, more accounts can be connected from your Financial Accounts Dashboard.

How long does it take for money to leave my Financial Account?

Money moving out of your Financial Account takes 2 business days to process. That applies to transfers out to a connected external account, ACH payments to vendors, and electronic refunds to homeowners.

How long does it take to transfer money into my Financial Account?

Transfers into your Financial Account from a connected external account take 4 business days to process.

When are homeowner payments deposited in my Financial Account?

It depends on how the homeowner paid:

Do I need to set up a vendor before paying them by ACH?

Yes. Enable the vendor for ACH payments first, then you can pay them from your Financial Account.

Do homeowner payments need to be deposited before I can refund them?

No. You can initiate a refund as soon as the homeowner has initiated their payment, you don't have to wait for the funds to be deposited in your Financial Account first.

Important: A homeowner can still dispute a payment with their bank even after you've refunded it. A dispute immediately reverses the homeowner's original payment, so if you've already issued the refund, your association can end up out both the refunded amount and the original payment.

Can I choose which Financial Account notifications I receive?

Yes. You can customize your Financial Account notifications so you only get the alerts you care about.