Community Association Banking
Our experts have your back
Community Association Banking
We offer a range of services to simplify collection of monthly payments, cash management, taking out loans, and other common responsibilities on your plate. And we do our best to make banking convenient for you, with:
- Nearly 90 branch locations and 100 ATMs throughout Eastern Massachusetts and Cape Cod
- Extended banking hours, including Saturday and Sunday (in select locations)
- Free use of Rockland Trust ATMs (including our smart ATMs ) and pay no surcharge for use of any ATM in the SUM ® network 1
- Access to online banking with bill pay
Choose from four types of deposit accounts:
1. Free Community Association Checking: An operating account suited for smaller associations:
- No monthly maintenance fee
- No minimum balance requirement
- Free business online banking with bill pay
- 300 free transactions per month and just 50¢ per transaction over the free transaction limit 2
2. Premier Community Association Checking: A checking account for larger associations and property management firms:
- Full array of cash management services
- $12 monthly maintenance fee may be offset by our competitive earnings credit rate
- Business online banking at $9.95 per month
- Business online bill pay at $5 per month
3. Community Association Money Market Savings: A reserve account for associations and property management firms:
- Competitive interest rates tiered by balance
- 50 free transactions per month and just 50¢ per transaction over the free transaction limit. 2, 3
- Check-writing capability3
- Complete online banking access
- $2,500 minimum daily balance to waive $10 monthly maintenance fee
4. Community Association Certificates of Deposit: Invest your association's surplus funds. Community Association Banking customers receive special rates on select CD terms.
In addition, our Workplace Banking program automatically extends to all homeowner association members. This free, interest-bearing checking account features special promotional pricing on CDs and IRA CDs and other great benefits.
Payment & Processing Services
Our payment and processing services are ideal for property management firms that need assistance in streamlining accounting.
Automated clearing house (ACH) debit payments
With ACH services, you can authorize automatic payments to and from your checking account.
Your mailed receipts go to a designated post office box, and operations professionals collect, process and deposit your receipts daily.
Deposit your receivables electronically — right from your office computer.
Rockland Trust specializes in lending to condominium associations and property management firms. Whether your association has a large capital reserve project, faces overruns in critical and volatile budget-line items such as snow removal, or is just trying to lessen the economic impact of a large assessment to your unit owners, our team of professionals will work with you to design a lending solution to meet your needs.
In the past, we have provided condominium associations with loans for everything from small-scale projects of $10,000 to large deals of $8 million.
Rockland Trust specializes in lending to condominium associations, homeowner associations and property management firms. Whether your association has a large capital reserve project, faces overruns in critical and volatile budget-line items such as snow removal, or is just trying to lessen the economic impact of a large assessment to your unit owners, our team of professionals will work with you to design a lending solution to meet your needs.
In the past, we have provided condominium associations with loans for everything from small-scale projects of $10,000 to large deals of $50 million.
"We noticed the bank has branches convenient to many of the properties we manage. We made inquiries and discovered the bank's lockbox system ties into our TOPS software, even to the extent it uploads fee receipts to us that we can pass on to unit owners with the click of a key. We can update our general ledger and cash accounts via the Internet, as well. With over 500 units to contend with, it sure is a time saver. The banking system was a snap to install on our PCs and has worked like a charm from day one. We just completed a substantial borrowing facility for one of our properties, too. It's the first time we've ever borrowed for one of our associations and we're happy as can be."
Arbor Management Company
"The Niles Company manages thousands of condominium units. We wanted a personal relationship with a local bank that specialized in community association banking. Rockland Trust has a dedicated account management team that is both responsive and knowledgeable. They make the transition of a company our size seem easy."
The Niles Company
"Rockland Trust was the only local bank that understood the project and helped us to make it work within our budget."
Carter Green II Condo Association
To Get Started
Meet the Team
Client Relations Specialist
Jen Macaluso is the Client Relations Specialist for our Community Association Banking division. She started with Rockland Trust in 2007 as a teller in our Hull branch. Jen served as the Head Teller of the Rockland Main Office prior to joining the Community Association Banking team. She offers support to trustees as well as property managers and Business Clients.
Jen graduated from Bridgewater State University in May, 2012 with a Bachelors Degree in Psychology.
Timothy W. Murphy
Vice President, Business Development Officer
Tim has been in banking for 6 years and has 15 years of finance/sales experience and is a Vice President, Business Development Officer for the Community Association Banking division at Rockland Trust. He earned a Bachelor's Degree in Architectural Design from the Wentworth Institute of Technology in Boston and his banking career began with Citi Bank in Wellesley. Over the years, Tim has worked as a Business Banking Officer covering MA and RI and also served as a Client Development Officer with Bank of America located in Waltham. During his time there, he was responsible for managing, retaining, and growing a portfolio that consisted of 600 businesses throughout New England. Prior to joining Rockland Trust, Tim was a VP, Business Banking Officer with Peoples United Bank where managed and grew a $23 million portfolio that expanded throughout MA.
Tim has also served as a residential and commercial real estate agent and is currently part of the Worcester and Boston Board of Realtors. He currently lives in Milford, Massachusetts with his wife Lisa and two daughters, Abigail and Isabella, ages 5 and 3.
1. Rockland Trust may charge a fee for use of another bank's ATM.
2.Includes debits, credits, and items deposited per monthly statement cycle (subject to federal regulations on withdrawals). 50¢ per transaction over the free transaction limit.
3. You may make an unlimited number of withdrawals or transfers from your savings account(s) and/or money market account(s) so long as they are done in person at one of our ATMs or branch locations. However, federal regulations limit your ability to make certain types of withdrawals and transfers from these accounts. Under these regulations, any checks, drafts or debit card transactions (or similar payment orders) drawn on your money market account that are payable to third parties (no such transactions are permitted on your savings accounts), as well as any transfers or transactions from your money market or savings account to another of your accounts with us or to third parties by pre-authorized or automatic means, personal computer (including online banking or bill payment services) or telephone (including facsimile or data transmission) are considered "Limited Transactions." You are limited to a total of six (6) Limited Transactions from your money market and savings account per statement cycle period. We count check transactions on your money market account on the day the check is presented to us for payment, regardless of when you may have written it (including if it was written in a prior statement cycle). If you exceed your Limited Transaction limit on your Money Market Savings account, we may assess you an Excess Transaction Fee for each Limited Transaction over the limit. Additionally, if you exceed your Limited Transaction limit on a regular basis,we may close your money market or savings account, or change this type of account to a different deposit account you are eligible to maintain.