When an overpayment is made at closing, AR will charge the owners account for the amount of the refund being issued (it will say REFUND on the ledger). The refund is then held in AR for 30 days from the date we received the closing check (60 days if utilities are billed to owners through the HOA). This is to ensure the checks from the closing and the Owners checks clear the bank. Once the funds have been verified, AR will give the check request to AP to cut a check on the next check run. Once the check is cut it is sent to the Board for signatures. When the Board signs the check, AP will mail the Owner’s refund.
If an Owner is requesting a refund of an overpayment on their account, the owner will need to submit this in writing. Once we have the written request in Vantaca, it can be stepped to a ‘Billing Question – Refund Request’. These are also held for 30 days from the date of the overpayment, and then follow the same process as closing refunds. Refund checks may take 30 days to be received by the Homeowner from the date of request, as the Board must sign the check. Please do not tell a Homeowner their check will be received any sooner unless this has been verified with the AP Representative.