Construction Vouchers

A Convenient Way to Disburse Funds

Timberland Bank's "Construction Vouchers" are used to disburse funds for your construction project to your vendors. This payment process provides a system of controls as you match your construction budget to the actual dollars spent for the work
 

Here's how our Construction Voucher program works: 

  1. Before you begin work on your construction project, please inform your suppliers that they will be compensated using our Construction Voucher program.
  2. An inspector will visit your job site at your convenience to document completed work.
  3. We will then issue a cashier's check for each voucher at our office for only materials or labor marked complete on the inspector's report. An invoice stating the entire cost of the materials or bid must accompany these vouchers.
  4. You may present our Construction Vouchers to a wide variety of contractors and merchants including Home Depot. 
 

How to Use Construction Vouchers

Vouchers may be made payable to either a company or to an individual. All individuals or companies paid with a voucher must completely fill in and sign Section II on the back of the voucher. Additionally, Section I (Taxpayer and Identification Number and Certification) on the back of the voucher must be fully completed and signed. The information in Section I is required by the Internal Revenue Service. All vouchers presented for payment must have an original signature. For a company, the signatory must be company-authorized.
 
To receive payment, the voucher may either be mailed, personally presented to the Construction Draw Department at our Bethel Station Branch, or you may also personally present it to any of our branches.
 
If mailed, processing can take up to 36 hours. This turnaround time can be significantly reduced through direct deposit if the person or company redeeming the voucher establishes a checking account with Timberland Bank. An invoice, purchase order or paid receipt may be requested.
 
Timberland Bank reserves the right to decline payment of a voucher issued for a line item for which there are insufficient funds available or is not checked off by our property inspector. On the front of the voucher, please fill in the address of where the home is being built and sign as the "Owner of Property."
 

What Information Must be Provided?

On the front of the voucher, you will see 12 areas in which to enter the line item number from your Construction Cost Breakdown sheet along with the amount you are requesting to be paid for that specific line item.
 
Although 12 "line item" areas are provided, they all may not be needed. You may, for example, only have three or four per a particular draw. By signing the back of the voucher, the redeemer is providing a lien waiver for that particular draw.

Inspections

We partnered with Northwest Construction Control (NWCC) in order to provide timely and qualified inspections for your construction project.
 

Loan Checklists, FAQs & More

Our goal is to provide you with a worry-free lending experience from start to finish. These applications and resources can help you navigate the loan process.
 

Construction Draw Department

If you have questions about our Construction Voucher program, please contact our Construction Draw Specialists.

Timberland Bank - Bethel Station Branch
Construction Draw Department
2419 224th St. SE
PO Box 4625
Spanaway, WA 98387

Phone: (253) 846-2349
Fax: (253) 846-3253