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.
- Access, manage and transact on your account anytime with Internet Banking and the Suncorp App through External Payments or Business Payments Credit*. A Security Token Code must be entered for each electronic transaction.
- Enjoy unlimited fee-free cheque transactions, as well as staff-assisted branch transactions.
- Receive monthly statements (by post or eStatements).
- Check transactions and balances anytime with Telephone Banking.
- Interest earned is paid to the Department of Justice and Attorney General in accordance with legislation. No interest is paid to the account holder.
*To make Business Payments Credit, an Australian Payments Clearing Association Identification is required.
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
- Access your account anytime using Internet Banking, BPay, the Branch or your chequebook
- Unlimited Fee Free Electronic, Staff Assisted, and Cheque Transactions
- Monthly statements
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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