Direct Debit Program
What is it?
With this program, the Homeowner authorizes Lake Ridge Parks and Recreation Association to withdraw the quarterly assessment payment from a designated checking account. Withdrawals will occur between the 1st and the 5th of each month an assessment payment is due (September, December, March and June). The Association will automatically adjust the amount to be debited to reflect any change in the quarterly assessment rate.
If you are interested in participating in the Direct Debit program, complete the Direct Debit Authorization Agreement (PDF) and submit along with a voided check to the Association. We will confirm your participation in the program and when the Direct Debit payments will begin.
Participation in the Direct Debit program is free and offers the Homeowner the following benefits:
- Convenience – The Homeowner no longer has to remember when an assessment payment is due or the amount of the payment. After completing the program authorization agreement and acceptance into the program, the Homeowner can forget about assessment payments. (i.e., “Set it and forget it”).
- Peace of mind – The Homeowner no longer has to worry about if or when an assessment payment is received by the Association.
- Avoid Late Fees – The Homeowner no longer has to worry about being charged a late payment fee for a late assessment payment. The Association guarantees the assessment payment will be made on time (as long as the Homeowner maintains current bank account information on file and there is no returned payment).
Other program information
Direct Debit authorizations remain in effect until cancelled in writing by the Homeowner. Cancellations are automatically processed when notice is received that a property is sold or transferred.
Program participants will continue to receive payment coupon books each July to notify them of any changes in assessment amounts. No action is required by the Homeowner to change their payment amount; it is adjusted automatically by the Association to reflect the current rate.
If 2 payments are returned within 1 year, participation in the Direct Debit program will be cancelled, and the Homeowner will be responsible for making their own payment arrangements.