Quick Tip: Be Careful When Depositing Assessment Checks

I came across this snippet of info regarding assessment payments by check*, and thought that it might be worthy of mention because of the high volume of payments handled by Community Associations--

If a member sends an assessment payment via check, always be on the lookout for discrepancies between the figure written inside the small box versus what's been written on the line: if there's any difference, return the check to the member immediately. The bank will pay the amount listed on the check line and ignore the payment specified in the box; thereby leaving the Association in financial straits, or at the very least, in the unenviable position of contacting the homeowner to solicit a new payment to account for the shortfall. For example, if the assessment is $250.00, and the member accidentally writes "twenty-five dollars" on the line, the bank will only pay the Association $25.00.

*thanks to Vendome Group, LLC for the info (www.brownstone.com), excerpted from Insider's Guide to Managing Community Associations