Standard Banks Attorney Trust Account

South Africa as a country today is governed as a constitutional democracy.The constitution in this case entrenches standard liberal rights and freedoms.The people responsible for the  preservation, promotion and putting into practice these liberal rights and freedoms are legal practitioners. Attorneys and advocates are the two groups of legal practitioners. Attorneys do legal work of all kinds and advocates are specialist litigators.There are currently around 21400 attorneys and 5000 candidate attorneys in South Africa. In order to service this fast growing group of professionals, Standard bank introduced the attorneys trust account.

An Attorney trust account caters specifically for the needs and legal requirements of a practicing attorney or firm of attorneys. Some of the features and benefits of this account include the fact that funds can be deposited for safekeeping and disbursed by cheque or electronic payments, subject to the availability of funds, this account is governed by the Attorneys Fidelity Fund and the law societies, the account cannot be converted to any other business current account product, one monthly statement is issued and funds deposited earn credit interest.

Th Automated Sweeping Facility is an added benefit.The automated sweeping facility deducts charges (less VAT) from gross interest earned on trust balances. This monthly net interest figure is then swept to the Law Society indicated by the Attorney. This is an optional feature offered on Attorney Trust Accounts. This feature can be activated on new accounts as well as existing Trust Accounts that require the service going forward. A monthly charge for this service is levied and the latest pricing is found on our business pricing brochure.

You can access the Attorney trust account on 0860123000.