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Monday January 6 2025

Why opt for a direct debit or secure bank transfer rather than a cheque in a syndicate of co-ownership in Quebec?

The payment of dues in a syndicate of co-ownership is an important obligation for co-owners, but the method of payment chosen can have an impact on security, management and costs for both co-owners and the syndicate.

Traditionally, many co-owners pay their contributions by cheque, a common method of payment, but one that carries significant risks. Among these, fraud, stationery and stamp costs, and the possibility of errors in the order of the recipient are real concerns.

By contrast, direct debit or secure bank transfer via online banking offers clear advantages. Not only are these methods much more secure, minimizing the risk of fraud or error, but they also offer much more efficient cash management for the syndicate.

Payments are instantaneous and easily traceable, providing immediate visibility of finances. This payment method also reduces the administrative costs associated with managing cheques (such as cashing or manual processing) and is more environmentally friendly, eliminating the need for paper, stamps and mail transportation. As a result, your manager has more time to deal with your important files, instead of managing administrative tasks.

For the co-owner, it’s also a way of simplifying payment management, avoiding trips to the bank or the risk of lost cheques or even fraud.

In conclusion, the direct debit or secure bank transfer option is a win-win solution for all parties involved, offering greater security, convenience and transparency.

This is why SolutionCondo uses UpperBee to enable each co-owner to issue payments via their syndicate’s online portal, freely and independently.

Anne-Claire Pinel de Grandchamp
Head accountant