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Condominium Association Banking

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To get started, download this form and bring to any branch location.


Everything associations need to manage their money.

Whether your condominium association has simple or complex banking needs, we're the community bank in Massachusetts and Rhode Island that can help. From our array of accounts and lending options, we can create a suite of products that meet your association's specific needs, with guidance from our team of friendly experts.

Leverage our Condominium Association Banking solutions.

Tailored to associations' unique needs

Free Community Association Checking

  • Operating account for smaller associations
  • No monthly service fee or minimum balance requirement
  • 300 free transactions monthly ($0.50 per transaction thereafter)¹
  • Free Business Online Banking with Bill Pay

Premier Community Association Checking

  • For larger associations and property management firms
  • Full array of Treasury Management services
  • $12 monthly service fee may be offset by our competitive earnings rate
  • $9.95 monthly fee for Business Online Banking
  • $5 monthly fee for Business Online Bill Pay

Community Association Money Market Savings

  • Reserve account for associations and property management firms
  • 50 free transactions monthly ($0.50 per transaction thereafter)¹,²
  • Check-writing capability²
  • Complete access to Business Online Banking
  • $2,500 minimum daily balance to waive $10 monthly maintenance fee

Massachusetts Department of Environmental Protection (DEP) Escrow Accounts

  • Rockland Trust will act as escrow agent as required by the Massachusetts Department of Environmental Protection for the repair and /or replacement of Groundwater discharge permits and renewals.

To get started, download this form and bring to any branch location.


condominium

Automated Clearing House (ACH) Debit Payments

  • Initiate automatic payments to and from your checking account

Lockbox

  • Mailed receipts go to a designated post office box, and operations professionals collect, process and deposit your receipts daily

Remote Deposit

  • Deposit your receivables electronically from your office computer

To get started, download this form and bring to any branch location.


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Lending Solutions

We specialize in customized lending to condominium associations and property management firms that have large capital reserve projects, face overruns in critical and volatile budget-line items such as snow removal, or are trying to reduce the economic impact of a large assessment to unit owners.

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.

To get started, download this form and bring to any branch location.


condominium

Timothy Murphy headshotTimothy W. Murphy

Vice President, Business Development Officer
Office: 781.982.6629
Email: Timothy

Tim has been in banking for 11 years and has 19 years of finance/sales experience and is a Vice President, Business Development Officer for the Condominium 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.

 

Katie Owen headshotKathryn Owen

Condo Association Treasury Management
Office: 781.982.6656
Email: Kathryn 

Kathryn Owen is the Treasury Management Officer for our Condo Association Banking team and has extensive experience working in the property management sector in both condominiums and apartment complexes.

Kathryn has her Massachusetts Real Estate License and is currently continuing her education at the New England College of Business. She resides in Wareham with her rescue dog Sami.

To get started, download this form and bring to any branch location.


 



 

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1. Includes debits, credits, and items deposited per monthly statement cycle (subject to federal regulations on withdrawals). 50¢ per transaction over the free transaction limit.
2. Transaction Limits: You are limited to a total of six (6) Limited Transactions from your money market and savings account per statement 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 period). If you exceed your Limited Transaction limit on your money market and 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.