Q - How was the initial process of moving the accounts to CAB? Knowing what you know now, what would you recommend doing differently?

A - We anticipated the transition taking 45 - 60 days. However, with proper planning on our part and efficiency on CAB's part we were able to move 487 bank accounts in 2 phases over a 3 week period. I would not change any part of the transition. I can only recommend that you, as the client, are organized and effectively communicate with your Relationship Manager.

Q - Overall satisfaction with CAB?

A - On a scale of 1 - 10 (ten being the highest score) I would give them a 9.5. We still have minor issues but are in constant communication with our Relationship Manager. CAB addresses our issues and concerns immediately. We understand that there will always be issues. How large they become depends on us the client.

Q - Is there anything that you would like CAB to do differently?

A - Not currently. As I stated earlier CAB addresses issues immediately and if the client wishes to change a procedure CAB, most often than not, will work with you to form a mutually workable procedure.

Q - How do you receive the file of all checks processed each day? Is it an attachment to an e-mail?

A - We have been receiving our lock box files and bank statements through electronic files. The bank has a high security web program that we have been beta testing for them. It is called Doc Ex. To date it has performed up to our expectations.

Q - What's the process for obtaining a copy of a check and/or coupon from CAB? Are images of all checks & coupons scanned onto a CD & sent monthly or are they available via a website?

A - All checks and debit memos along with the bank statements are scanned onto CD's. If you need a copy of a cancelled check that cleared the bank during the current month (before statements have been produced) you can get it off the ICM web site. Once statements have been produced the images are no longer available the ICM web site - you would need to go to the CD that contains the images. The coupons and homeowner checks are scanned but we do not receive those on CD. But if you need a copy of a coupon or homeowner check you would just need to submit a request. The turn around time is 2 - 5 days, depending upon the age of the item you need.

Q - What is the process for notifying CAB not to process payments for a particular account? How quickly do you receive those payments from CAB?

A - Currently we submit Hold Payment requests on an individual basis. We use the CABANC web site (different from the ICM web site) which allows us to request the Hold Payment via the internet and we receive confirmation of receipt via e-mail from the bank. These Hold Payment requests are only caught in Lock Box processing and we usually get the rejected payments the next day via bank courier.

Q - How was the initial process of moving the accounts to CAB? Knowing what you know now, what would you recommend doing differently?

A - I let my staff "vote" and we all elected to implement slowly, which dramatically reduced our risk and increased our satisfaction.

However now that I know CAB and have such respect for their company, including our business development rep, Bobby Dronge, in hindsight, the only potential change would maybe doing all of the accounts at once. We are doing them via fiscal year change, which for us, is very random.

On how fast to convert, a key decision in my mind, that decision will depend on company size, employee skills and risk tolerance. We had about a dozen accounts and 1,300 units when we first met Bobby and now have 17 accounts with 2,000+ units. We are thus too small to have a very large staff, but not small enough where the owner(s) can do everything.

Q - Overall satisfaction with CAB?

A - We are extremely satisfied, on many levels. As an owner, I love the savings, which will be about $10K per year. I am one of the few management firm in my market who eats all of the banking charges, so the savings are mine, not my clients. Also as an owner, I love being able to have a new edge over my competitors by saving, "We use a condo-centric law firm, insurance agent, accountant, engineering firm, and software. And now we also use a condo-centric bank!" That helps in my "marketing" when we are bidding on new accounts and reduces the chances of clients leaving. Going back to a standard bank is thus going backwards in the mind of my clients.

And if you are not using coupons and ACH, then using CAB will be an even larger labor savings. We are now up near 30% using ACH, which eliminates some of my competitors. A Trustee using free ACH (automatic clearing house / debit withdrawal) will not use a managing agent who does not provide that service, if they do any research. When I fired a client (our only lost client), the new firm didn't provide ACH and the unit owners forced the Board to force the management firm to offer it! Thus I see banking at a strategic level, not just a place to park money.

My company uses TOPS software and we had our local bank write a custom patch to interface from their lock box to our software. It was DOS (?) and via a slow phone line. And Lord help you if you had a crash and/or did not put in the coding correctly. While the bank has since been acquired and the regional powerhouse bank has upgraded the link, the CAB link is easier and takes less time for my employees.

On the issue of money management, CAB (Bobby) has been proactive. We were too small for the Wall Street Brokerage Houses, who would call back slowly and had no apparent concern about growing a relationship with us. Bobby has been proactive and creative.

Also on cash management, CAB tends to have one or two "special rate" situations that give our clients more interest, making us look good / great. In one case, another bank provided a special rate on a term that didn't fit into CAB's published list. We called our rep (Bobby) and within a few minutes he called back, having spoken with the President of the Bank for the approved waiver.

I have known the VP's of local banks for 10+ years and I can tell you that such decision making is not possible. My wife is a CPA who was the assistant controller at one of those banks and I knew the President of that local bank. Even in that situation, getting variances took time, measured in weeks, not minutes.

We are working on obtaining a loan for one client, our first ever over a million dollars. I knew the loan officer (new to CAB) out of CT and he (Alan) was quick on the follow-up. I don't know who will "win" but due to having CAB on the bidder's list, the Boston area condo association loan leader had to waive his $1,000 application fee to stay on the bidder's list. So even if CAB does not win, it is already helping my clients by creating some much needed competition to the current "Boy's Club" that has been the norm in the Boston market.

To clarify their appreciation of our business, the President came over to see us when he was on the east coast. I had told Bobby that if the President of a specialty bank came over, that would be impressive, but my ego does not need such a visit. But if he was to come, if he could look into his crystal ball and give me (us) insights into mega-trends impacting condo management, including what the best management firms were doing today, then such a visit would have real value to me, as owner. And the President did come with special insights, which is already impacting some decisions that I will be making here at Sterling for 2005.