March 19, 2020
Letter to Inspire Property Management Clients
Re: Novel Coronavirus (Covid-19) – Cash Payments No Longer Accepted
Dear valued clients,
We are continuing to be proactive in our response to the rapidly evolving situation surrounding the novel coronavirus (COVID-19).
Earlier this week, our local Bank of Montreal Branch has closed its doors to the public due to insufficient staff to keep the teller services operational. This means that we can no longer make cash deposits on a regular or predictable basis. As such, we feel that the most appropriate measure it to temporary stop accepting cash payments.
We will continue to be able to deliver cheques to the bank for deposit. However, if we are not making the deposit with a teller, we will not receive deposit slips as usual. This increases the chances that a cheque may be processed incorrectly by the financial institution or not get processed because we will not be able to confirm the accuracy of the deposit while the transaction is being processed with the teller. We apologise in advance if a problem arises with your cheque payment as a result.
We are actively investigating the feasibility of using cheque scanners to remotely deposit cheques. However, ordering, testing, training and other factors may not make it possible- or prudent- for us to process cheques in this manner for several months.
Making Payments while cash is not being accepted
If you do not already pay your fees by pre-authorized debit, we strongly encourage you to join the 94.5% who already do so. The sign-up form may be found here: https://inspirepm.com/PAD
Many strata corporations already have bylaws which prohibit cash payments and require post-dated cheques or pre-authorized debit. We will be encouraging councils to enforce these bylaws and encouraging others to adopt similar bylaws.
If you need to make a one-time payment, we ask that you contact your manager to discuss sending a one-time Interac e-Transfer.
If you must pay by cheque, we will ask that our clients mail the cheque rather than attend our office in person.
Finally, if you do not have a bank account or must for some other reason use cash to make your strata fee payment, you should attend a financial institution to obtain an official cheque, draft or money order. Canada Post also offers a service to convert cash to a money order. More information about this service from Canada Post is available here: inspirepm.com/money-order
At Inspire Property Management, we believe it is our role and responsibility during this time to prioritize the health and well-being of our clients while also playing a constructive role in supporting local health officials and government leaders as they work to contain the virus. Through that lens, we will continue to make vigilant decisions informed by the latest science-based information and guided by our mission and values.
Thank you for being a loyal client. We are privileged to serve you and our community.
Inspire Property Management Ltd., per
President & Managing Broker