HOA Homefront: Is a bank out of state OK for our HOA deposits?

Q: Our HOA has their bank accounts with an online bank. Our payments are mailed to a postbox address outside California. I contacted the bank, and they were unable to provide a physical branch address in California. Civil Code 5380 requires the HOA to deposit HOA funds in a bank account in the State of California is it not? — P.B., Tarzana

A: Civil Code Section 5380 is one of the group of statutes (5375-5385) that applies to HOA managing agents. Section 5380 contains several HOA financial protections.