There is a one-time bank set-up fee of $180 for new owners with the basic and standard memberships. This is a fee incurred to open a dedicated bank account for a new owner and have it vetted – for anti-fraud, risk, etc.
Having a dedicated bank account for each homeowner ensures that accounting and reconciling is accurate – if any extra funds are received, it stays in the owner-specific account. Whether you have one property or one hundred properties, you will have a dedicated bank account managed by Portsmouth Residential.
For our premium members, we absorb the bank set-up fee. Other than this, there are no other set-up fees!