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Statutory Trust Accounts
Accounts that allow you to hold funds in trust in accordance with the applicable laws.
Benefits
Types of trust
You've got three options to choose from.
Solicitor Trust Account
Available to solicitors operating in Western Australia and New South Wales.
- Monthly maintenance fee of $5.00 may apply
- Fee rebates may be available 2 There is no entitlement to a rebate when the credit balance falls below $1,000 at any time during the month. The rebate amount cannot exceed the amount of fees charged in the month.
- Up to 5 free paper transactions per month, $0.60 per paper transaction thereafter
- Up to 5 free electronic transactions per month, $0.25 per electronic transaction thereafter. ? An electronic transaction is any transaction using electronic means that debits or credits the account.
Real Estate Agent Trust Account
Suitable for agents operating in some Australian states and territories (excluding Tasmania, Victoria and the Northern Territory).
- No monthly account maintenance fee
- Up to 20 free paper transactions per month, $0.60 per paper transaction thereafter
- Up to 20 free electronic transactions per month, $0.25 per electronic transaction thereafter. ? An electronic transaction is any transaction using electronic means that debits or credits the account.
Settlement Agent Trust Account
This account is only available in Western Australia.
- No monthly account maintenance fee
- Up to 20 free paper transactions per month, $0.60 per paper transaction thereafter
- Up to 20 free electronic transactions per month, $0.25 per electronic transaction thereafter. ? An electronic transaction is any transaction using electronic means that debits or credits the account.
Fees and charges incurred in connection with any trust account cannot be debited to the trust account itself. Customers must nominate another account held with Bankwest to which fees and charges can be charged. Other fees and charges may apply, for details refer to the Product Disclosure Statement.
Withdrawals are subject to compliance with the relevant Acts and/or Regulations of the State or Territory in which the Account is opened. Some States or Territories prohibit cash withdrawals; others require withdrawals to be made only by cheque.
Product Schedule:
- Solicitor’s Trust Account Banking (PDF)
- Real Estate Trust Account Banking (PDF)
- Settlement Agent Trust Account Banking (PDF)
Related documents:
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- Availability of these facilities is subject to compliance with the relevant Act and/or Regulations of the State or Territory in which the Statutory Trust Account is opened. Some States and Territories prohibit electronic transactions. Some States or Territories prohibit cash withdrawals; others require withdrawals to be made only by cheque.
- There is no entitlement to a rebate when the credit balance falls below $1,000 at any time during the month. The rebate amount cannot exceed the amount of fees charged in the month.