Float on condo fee

[spinn]

I live in one of the worst run condominiums in recorded history.

I just learned that our $250,000 per month in condo fees is held by our bank for one full week before being credited.

Our fees are due by the 5th of each month and are always credited one week later.

I do not know how to calculate the value of that but they are basically paying us ten months interest on $3 million instead of twelve. My off the cuff guess would be that it is costing us $20,000 in interest foregone.

Is this legal?

[Enigma]

How does your check travel? That is, who do make the check payable to, who do you give it to, and where does it go from there.

Not enough information to answer your question.