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Statutory Trust Accounts
Accounts for custodians who are legally required to hold money for clients.
What is a statutory trust account?
Statutory trust accounts are for specific groups or organisations that need to hold money for clients. As the requirements for how these trust accounts operate differs depending on your type of business, we have 2 options available: Solicitor’s Trust Accounts and Agent’s Statutory Trust Accounts.
A Solicitor’s Trust Account is a specialised account for Queensland solicitors who are legally required to hold client monies in a statutory trust. It can be used for conveyancing, probate work, litigation settlements, commercial transactions (e.g. Floating Companies) and matrimonial money held under Court Order whilst holding client funds on trust.
Key features
- Access your account using the Branch or your chequebook
- Check transactions and balances anytime using Internet or Telephone Banking
- Receive 20 free transactions per month, includes branch deposits or cheque withdrawals
- Monthly statements
- No interest is paid to the account holder. Instead, interest earned is paid to the Department of Justice and Attorney General in accordance with legislation
- All fees associated with the Solicitors Trust Account will be debited to your nominated Suncorp Business Everyday Account
Fees
*After the first 20 free transactions per month, branch deposit and Cheque withdrawal fees are applicable.
The Agent’s Statutory Trust is specialised account for licensed agents to hold deposits on behalf of their clients, in a legally compliant account.
The Agent’s Statutory Trust Account is available to the following industry professionals:
- In Queensland - Real Estate Agents, Auctioneers, Motor Dealers, Resident Letting Agents and debt collectors; and
- In New South Wales - Real Estate Agents, Stock and Station Agents, Business Agents, Strata/Community Managing Agents and On-site Residential Property
Key features
- Access your account anytime using Internet Banking, BPay, the Branch or your chequebook
- Receive 20 free transactions per month, includes branch deposits or cheque withdrawals
- Monthly statements
- All fees associated with the Agent’s Statutory Trust Account will be debited to your nominated Suncorp Business Everyday Account or Business Premium Account
Fees
*After the first 20 free transactions per month, branch deposit and Cheque withdrawal fees are applicable.
Business Deposit Products are issued by Suncorp-Metway Ltd (“Suncorp Bank”) ABN 66 010 831 722 AFSL No 229882. Fees, charges, terms and conditions apply and are available on request.
Products and services including banking, superannuation and insurance (including life insurance, home and car insurance) are provided by separate companies in the Suncorp Group. Suncorp Bank is only liable for the banking products or services it provides and not the products and services of the other companies in the Suncorp Group.
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