if you want to know how the Absa attorneys trust account operates in South Africa. This is the right place!
We will briefly explain to you what an attorney trust account is.
What Is A Attorney Trust Account
This account is specifically designed for registered legal practitioners.
It acts like a regular business account to easily manage your clients’ funds.
This account ticks all the legal boxes while still earning interest.
You get a full-compliant trust account for managing third-party funds with this account.
Now that you get the basics of this account, we will show you exactly how it works.
Absa Attorneys Trust Account
There are no overdrafts allowed with this account.
Your preferred credit interest rate is paid on credit balances.
The interest is calculated daily and paid on the last day of the month.
You have an option to turn your account into an attorney management system.
An account can be opened on behalf of the attorney’s clients.
You have an option to draw a tax certificate, and you can link the account to your current business account.
With this account, you get free access to Absa online banking.
To get this account, you must hold an active business transactional account.
You have immediate access to your funds (money) whenever you need them.
No opening deposit is needed to open an account.
There is no minimum account balance required to withdraw all the funds in the account.
You are charged a monthly fee of R80.
This is how the Absa attorney trust account works in South Africa.
We will now show you the requirements to open an Absa attorney trust account in South Africa.
Requirements For This Account
For the registered trusts, please provide the following:
- A copy of your South African ID
- Proof of address
- A trust deed
- A company Resolution
For the legal trusts, please provide the following:
- Copy of ID per business member, individual member, and or director
- Proof of address per member and director
- Proof of physical address of a business or an affidavit for a sole proprietor
- Company registration document, trust deed, and a company resolution where more than one signatory on the account is applicable.
These are the documents required to qualify for the Absa Attorneys trust account in South Africa.
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