Controlled Money Account - Conveyancers
Essentials
-
For Conveyancers in VIC to deposit money on their clients’ behalf
- The deposit must be a minimum of $50,000 with a settlement period of at least 90 days
- The account is to be controlled by the licensed Conveyancer
- No monthly service fee1
- Full access to your funds using cheque, branch, Business Online and Business Telephone Banking
- 16 free transactions and 30 free narrated2 credits per month3
- Paperless eStatements available.
Things you should know
- 1. Other fees and charges may be payable. Terms and conditions apply.
- 2. When making an over the counter transaction, the depositor can specify the deposit description to appear on the statement.
- 3. Fees and charges apply per transaction when the number of free transactions per month is exceeded.
- Trust accounts are only available to members of professional associations who are required by law to deposit funds held on behalf of their clients to a trust account with a financial institution. Approved of applications is at the discretion of the Bank.
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Fees
| Description | Fee |
|---|---|
| Monthly service fee1,2 | $6.50 |
| Number of free transactions per month | 16 transactions and 30 narrated credits per month |
| Description | Fee |
|---|---|
| Self service (electronic) withdrawal3 | 20c per transaction |
| Self service (electronic) deposit | 20c per transaction |
| Cheques written | 60c per cheque |
| Cheques written collected/deposited4 | 60c per cheque |
| Staff assisted withdrawal5 | $1 per transaction |
| Staff assisted deposit | $1 per transaction |
| Narrated credits6 | $2 per transaction |
| Description | Fee |
|---|---|
| Non-Westpac Group branded ATMs (within Australia) | N/A |
| Overseas ATM | N/A |
| Business Telephone Banking |
N/A |
| Business Online | Account enquiries are always free when you use Business Online. |
Things you should know
- 1.Monthly service fee will be waived if the minimum monthly balance is $5,000 or more
- 2.In all states except Victoria. Monthly service fee for Victoria is nil
- 3.EFTPOS and ATM withdrawal fees are not applicable if your business account does not have card access
- 4. A deposit to an account with two cheques will count as three transactions, one for the deposit (which is charged as a branch transaction) and one for each cheque lodged because each item requires individual processing
- 5.The branch staff-assisted electronic fee is not applicable if your business account does not have card access
- 6.Narrated credits are branch transactions using a serial number encoded deposit slip designed to allow you to identify the deposit from the serial number used
- Trust accounts are only available to members of professional associations who are required by law to deposit funds held on behalf of their clients to a trust account with a financial institution. Approved of applications is at the discretion of the Bank.
-
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