I don't understand this

Exterous

Super Moderator
Jun 20, 2006
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Was talking to someone today who was in the process of selling their house. Apparently they just found out that there had been an issue with their HOA autopayment in January and the HOA was sending them a check for $800

They aren't ATOT rich so I'm surprised they never realized they were double charged and were missing $800 in their bank account...
 

dullard

Elite Member
May 21, 2001
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It is rare, but sometimes the HOA fees are paid by the escrow company. If that is the case, then it is possible that the person never saw nor paid the bills.

Also, even if the person pays it, HOA fees and mortgage payments can often vary by $100+/month every time they are updated. So, it is also possible that the person just thought that it was a correct but painful change.

Finally, I know several people who have never opened a bank mailing or looked at the account online. They just drift along, see what is in the ATM, and go accordingly. I couldn't do that as I'm a stickler for every single detail. But lots of people that I know do so. I had an old boss who didn't look at anything but the ATM balance for over 3 years. When he finally did open a bank mailing, he found out that they were charging a monthly $25 fee for that whole time that he didn't inform himself about and could have easily avoided. That is $1000 gone since he never bothered to look at the statements.
 

Red Squirrel

No Lifer
May 24, 2003
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With all the bills that come out per month I figure it would probably be easy to not notice. I try to keep an eye on what comes out of the bank though but if skimming through I could even see that being possible to miss as it would be a recognizable bill. Even if they both show up on the same month, sometimes the way it falls that can happen so you kind of shrug it off and move on. Idealy you should watch that like a hawk and be more aware to avoid missing these types of mistakes though.
 

DaveSimmons

Elite Member
Aug 12, 2001
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Finally, I know several people who have never opened a bank mailing or looked at the account online. They just drift along, see what is in the ATM, and go accordingly. I couldn't do that as I'm a stickler for every single detail. But lots of people that I know do so. I had an old boss who didn't look at anything but the ATM balance for over 3 years. When he finally did open a bank mailing, he found out that they were charging a monthly $25 fee for that whole time that he didn't inform himself about and could have easily avoided. That is $1000 gone since he never bothered to look at the statements.

I use an excel sheet as a check register. When I get my bank statement I make sure they balance to the penny. Off by 1 cent? NOT GOOD ENOUGH!
 

Exterous

Super Moderator
Jun 20, 2006
20,557
3,728
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It is rare, but sometimes the HOA fees are paid by the escrow company. If that is the case, then it is possible that the person never saw nor paid the bills.

Also, even if the person pays it, HOA fees and mortgage payments can often vary by $100+/month every time they are updated. So, it is also possible that the person just thought that it was a correct but painful change.

It was a specific non-escrow payment in January and I'd be surprised if many HOAs are allowed to double fees from one year to the next

I use an excel sheet as a check register. When I get my bank statement I make sure they balance to the penny. Off by 1 cent? NOT GOOD ENOUGH!

I round all debits up to the nearest whole dollar and all deposits down and then 2x a year figure out what the rough size of the "cushion" has grown to. Less accounting stress for me
 

Thebobo

Lifer
Jun 19, 2006
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I use an excel sheet as a check register. When I get my bank statement I make sure they balance to the penny. Off by 1 cent? NOT GOOD ENOUGH!

Even back in the day of paper checkbooks I rarely wrote anything down. I haven't "balanced my checkbook" in over 10 years. Ever since on-line banking was available I just check online now and then it to look for fraudulent purchases.