Timeshare owners get the best of all worlds—a share of ownership in a beautiful vacation resort with luxury amenities and no responsibilities for upkeep of the property. Ownership with no responsibility is a homeowner’s dream! They do, however, have to pay maintenance fees each month toward that upkeep.

Typically, timeshare owners pay with a paper check, credit card, e-check, or online bill pay through their own banks. More and more, owners are moving to online payments for that purpose—and banks are encouraging that.

Stacy Dyer is the senior managing director of HOAs and Timeshare HOAs for Alliance Association Bank. “What we’re telling management companies is to advise their owners to make an electronic payment,” Dyer explains. “Electronic payments are faster, more secure and more accurate. Paying online or with an e-check sent from their bank eliminates the risk of payments being delayed or lost, especially if the postal service experiences delays due to unforeseen circumstances or natural disasters. A lot of owners will set those payments up as recurring, which makes it easier for resorts to collect those fees and keep their cash flow going.”

The financial institution that resorts work with can help the owners of timeshares in those resorts make their payments electronically. Any customer that banks with Alliance Association Bank has access to the bank’s proprietary electronic system, Dyer says. “If a timeshare management company banks with us, most of their resorts bank with us. So all of the timeshare owners in those resorts can access that system and pay their fees online.”

Dyer recommends that all owners with timeshares in resorts in hurricane country use electronic payments. “A big storm definitely disrupts the mail service; electronic payments keep the payments coming no matter what the status of the mail is. Even if the payment system has a hiccup, they usually get back online very quickly. Traditional mail can be disrupted for days or lost after a storm.”

Alliance Association Bank also provides an online portal that gives management companies a secure, user-friendly gateway to effectively and efficiently access, analyze, and update online payment information for homeowners. It also eliminates the need to manually manage ACH payment files, all while providing homeowners with convenient self-service access to manage their payments. That’s all in addition to our customer-first philosophy that leads to superior service.

Additionally, Alliance Association is a division of one of the top-performing companies in the nation, Western Alliance Bank. With more than $25 billion in assets, Western Alliance is one of the country’s top-performing banking companies and has ranked in the top 10 on the Forbes “Best Banks in America” list for five consecutive years, 2016-2020.

Alliance Association Bank excels at providing the tools necessary for timeshare HOAs to succeed. Our clients rely on the customized financial solutions, exceptional market and industry expertise, combined with outstanding customer service. If you would like to learn how Alliance Association Bank can help your business succeed, please contact Stacy Dyer at (843) 637-7181 or sdyer@allianceassociationbank.com.

Alliance Association Bank is a division of Western Alliance Bank. Member FDIC.