Something new has been added. Our reserves exceeded the FDIC insured amount of $250,000 (which is a good problem to have). On the advice of our advisor at Old Plank Trail Bank we opened a new account at one of their affiliate banks. We transferred $150,000 to Beverly Bank on May 20, 2019. Now our reserves are fully insured by the FDIC again. On the May Balance Sheet you will see the two reserve accounts clearly labeled.
In addition, we have inquired about setting up automatic payments with Old Plank Trail Bank. The cost would be approximately $30 per month to the association. The board will be discussing this at the June meeting on June 15th.