Sending Funds to the Correct Account
We have taken the additional cost of adding Cyber crime & theft policy to our insurance, however it is recommended, When sending LARGE amount of funds we believe that you should protect yourself by;
- 1 Depositing a small amount first (with the proper file number, surname and address reference), wait 1-3 business days (usual close business, before both banks start their account processing) for it to arrive at our intended trust account.
- 2 Verify it’s actual arrival with your conveyancer by telephone (since un-encrypted digital communications are known to have been intercepted), Before sending any further amounts.
But you still need to keep in mind the normal Bank transfer process takes 3 business days for each deposit of funds to clear, for settlement.
If you might be short on time, Ask your bank about ‘Real Time Gross Settlement’ (RTGS) deposit where funds are cleared by next business day!
WE WILL NOT SEND YOU UNENCRYPTED MESSAGES ADVISING ANY CHANGE OF ACCOUNT DETAILS! Protect your clients Warn your clients about the potential for a scam attack and advise them of the following:
- If they receive a request by email to change your bank account details, they should contact your agency and question the validity of the request.
- They should use the phone contact details previously provided to them directly by you, to verify any changes with you. They should not reply to emails that request money be forwarded to different accounts as they may be communicating with the scammers.
- They should satisfy themselves that their virus protection is up to date and their email account details are not compromised before using home email to discuss transactions.