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Legal Practitioners S86(2) Trust Account
 
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Pricing guide

Sub Product codes DDA MT
Charge Types Pay-As-You-Use
Monthly Account Fee R45.00
Debit Service Fee R45.10 per debit issued
Debit Deposit Fee R19.80 per debit deposit
Inward Unpaid R105.00 per item
Cash withdrawals including debit encashments <R5,000 <R10,000 <R15,000 <R50,000 <R150,000 >/=R150,000
FNB Branch Debit Service Fee (Min R23.50) plus R2.66 R1.96 R1.59 R1.40 R1.16 R1.16
FNB Bulk Cash Centres Debit Service Fee (Min R23.50) plus R2.06 R1.57 R1.27 R1.12 R0.94 R0.82
Cash deposits <R5,000 <R10,000 <R15,000 <R50,000 <R150,000 >/=R150,000
FNB ATM Advance R3.75 plus R0.48 per R100.00 or part thereof
FNB Branch (Min Fee R15.00) R8.40 plus R1.08 R1.08 R1.08 R1.08 R1.08 R1.08
FNB Bulk Cash Centres (Min fee R15.00) R5.00 plus R2.35 R1.50 R1.12 R0.97 R0.82 R0.71

Legal Practitioners S86(2) Trust Account

Manage + hold funds in trust


Designed for registered legal practitioners managing or holding funds in trust on behalf of clients
or third parties. It is regulated by section 86(2) of the Legal Practice Act No. 28 of 2014.

  • Keep your third-party funds completely separate
  • Use the Managed Option(AMTS) to automatically pay the Legal Practitioners Fidelity Fund
How it works
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How it works

Trust management made easy

The funds contained in this account are not owned by the principal client (the Legal Practitioner) as they are only controlled by virtue of a fiduciary relationship for the third party/client of the Legal Practitioner. It is used by Legal Practitioners to hold funds on customers' behalf. In line with this requirement, no cards or overdrafts are available for these accounts to protect the integrity of audit trails and the funds held in trust.

To prevent the trust account from overdrawing, a linked business account must be opened in conjunction, as it allows customers to redirect the fees and VAT charges of the trust account, to the Legal Practitioners' main FNB Business Account (transactional account).

The Legal Practitioners S86(2) Trust Account should only reflect the trust monies and all fees and interest need to be settled against the transactional Business account and not from the funds held in trust.

 
Managed option(AMTS)

Managed Option - Automated Monthly Transfer System

Pay your Legal Practitioners Fidelity Fund easily

Legal Practitioners can sign up for the Managed Option(AMTS) functionality which simplifies the mandatory payments to the Fidelity Fund (in terms of Rule 54.14.16.1 made under the authority of Section 95 (1) of the Legal Practice Act, 28 of 2014).

The system is automated to reconcile interest and approved recoverable charges monthly, enabling the automatic transfers of surplus credit interest earned on the trust account to automatically be paid to the Legal Practitioners Fidelity Fund. The VAT portion of the fees and any fees not offset against the interest will be redirected to the transactional Business Account.

 
Key features

Key features

Benefits to your business

An account that offers you features to suit your business.

Reduced Administration

Legal Practitioners can automate the offsetting of approved recoverable charges and interest and their payments to the Legal Practitioners Fidelity Fund.



Clear audit trail

There is a clear audit trail of all credit interest, transaction costs and VAT to assist clients when they are required to account for them.



Trust-specific fees

The fee structure on the trust account is catered to the holding of trust money.



Statement reconciliation

All transactions are reflected on the bank statements for ease of reconciliation.



Applying made easy

Applying made easy

Legal Practitioners S86(2) Trust Account

Qualifying criteria

  1. The account holder must be a Legal Practitioner with an acceptable ITC credit record and a FNB Business Banking Account
  2. The account must only be used for the safe keeping of funds belonging to the Legal Practitioner's clients
  3. The Legal Practitioners Trust account requires a transactional business account linked
  4. The Legal Practitioner needs to be in possession of an up to date LPFF certificate

How to get it

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Other ways to apply

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   Pricing Guide

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First National Bank - a division of FirstRand Bank Limited. An Authorised Financial Services and Credit Provider 1929/001225/06 (NCRCP20).

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