Residential Property Management/Management Company / Fiduciary Responsibility
I own a condominium in Virginia. The condo association contracted with a new company to manage the property. This new company asked owners for a blank check so as to set up an automatic withdrawal of condo dues from each owner's bank account. I submitted a blank check as asked. This happened several months ago, and the management company still has not set up the automatic withdrawal. I am still writing checks, but the management company was late in depositing one check, so they've assessed a late fee. Other checks I wrote and mailed on the same day cleared before the condo's due date, so I'm pretty sure the management company had the check -- they just failed to process it. My primary concern is the possible breach of fiduciary responsibility by the management company. They've had a blank check with my routing number and have done nothing with it. They have not been responsive to phone calls or e-mails. Do I have any recourse?
Not sure where there would be a violation of any fiduciary responsibility. If you feel the late fee is invalid, simply write a letter to the management company explaining why, and disputing the charge. As for the automatic withdrawal, in that same letter you can inquire about that as well. Sometimes it takes a while to get the systems in place to facilitate electronic payments, or perhaps they delayed the roll-out for some reason. But as long as the blank check doesn't get forged and cashed, you're probably fine (note that anyone you write a check to has the same bank account information). Send the letter certified mail which should catch someone's attention.