Nedbank Credit Interest Rates and Service Fees
The NedTrust product was introduced in March 2001. NB.Repo rate change on 22 November 2018. Revised credit Interest Rates for Nedbank, received on 23-11-2018.LPFF website updated accordingly , subsequent to repurchase rate increase with, 0.25%.
Bank revised its credit interest rates downwards from 29 June 2018.The higher tiers adjusted.This adjustment was not influenced by any change of the repo rate.
|Forms of scams||Considerations to be made by the legal firm|
|The perpetrator will call the firm and advise that they mistakenly deposited an amount into the firm’s trust or business account when it was meant for another firm and would like a refund.||Depending on the form of the attempted scam, a legal firm should consider the following: Know your clients and check any and all provided details against the details that you already have in your records.|
|Ascertain if your firm is expecting any refunds, whether for audit fees or bank charges and what the amounts applied for are.|
|The perpetrator will advise the firm that an incorrect amount was refunded in respect of a refund application for audit fees and/or bank charges. They will then ask for a refund of a portion of the amount.|
|Check if the letterhead used is that of the purported stakeholder. This necessitates knowledge of the correct name of the stakeholder, the current logo of the stakeholder and the directors or senior personnel of the stakeholder, which would be reflected on the letterhead.|
|Check if the e-mail address used is that of the purported stakeholder. It is important to know the extension of the e- mail addresses of the purported stakeholder. For instance, the e-mail addresses of the LPFF have the extension fidfund.co.za after the @ sign, fraudsters would perhaps use an email address with an extension fidelityfund.co.za after the @ sign.|
|The perpetrator will call the firm purporting to be a client of the firm and ask for banking details of the firm in order to make a deposit. A few days later, the perpetrator will make another call suggesting that they incorrectly paid money into the account.|
|Check if the quoted amount was received in your trust or business account as claimed.|
|Check on the bank statement if the amount was paid in cash or cheque.|
|The perpetrator will send an e-mail to the firm advising that an amount was incorrectly paid into the firm’s trust or business account when it was meant for another firm.||If the amount was received as a cheque deposit, do not be pressured to make a refund until the cheque has been cleared and confirmed as such with the bank. The perpetrator will apply pressure on you to refund them, do not succumb to the pressure.|
|The perpetrator will send post mail to the firm advising that an amount was incorrectly paid into the firm’s trust or business account when it was meant for another firm.||Inform the person requesting a refund that you will process a refund of the money as soon as it is cleared on your account and ask for proof of the deposit.|
|Ask the person requiring a refund to provide you with their banking details. It is important to know your stakeholders’ bankers and perhaps their bank details. Remember, the banking system recognises an account number and not an account name. The perpetrator can therefore, give you an account name of your stakeholder that they are purportedly representing, but the account number will not be that of the stakeholder.|
|Inform the stakeholder affected before you even consider a refund.|
|When informing the purported stakeholder, do not use any of the contact details provided by the purported stakeholder representative, check the legitimate contact details on the stakeholder’s website or inquire with your provincial law society.|
|Fraudsters may purport to be an existing client and provide a different account number into which money due to them should be paid.||Whenever a client that you are providing legal services to provides or changes an account number to pay into, insist on a bank stamped proof of that account.|
|A fraudster may hijack the identity of a senior partner in the practice, and send an e-mail to the bookkeeper containing a payment instruction.||Carefully check the sender’s e-mail address to establish its veracity, and if there is any doubt, obtain confirmation that the e-mail is genuine.|
|Balance in trust account||rate|
|R1 – R999||0.00%|
|R1 000 – R2 499||1.75%|
|R2 500 – R9 999||1.75%|
|R10 000 – R19 999||1.75%|
|R20 000 – R49 999||1.75%|
|R50 000 – R99 999||1.75%|
|R100 000 – R499 999||2.75%|
|R500 000 – R999 999||2.75%|
|R1 000 000 – R4 999 999||3.50%|
|R5 000 000 +||4.05%|
Nedbank schedule of fees effective, 1 January 2019 to December 2019. The bank reserves the right at its discretion to vary any fee, cost or change at any time and from time to time after giving reasonable notice.
Cash deposit fee: R1.60 per R100 or part thereof. Cash base fee per deposit, is R6.60 charged per deposit.
Cheque deposit: flat fee of R45.00.
Cash withdrawal: R1.60 per R100 or part thereof, with a minimum of R45.00 in addition to cheque service fees.
Cheque service fee: R71.40.
Over the counter statement, R15.00 . Archive statement R15.00 .
Interest is calculated on daily balance and capitalised monthly. The pricing is valid from 1 January 2019 to 31 December 2019.
Nedbank has introduced an enhancement to provide for monthly transmission of net interest to Legal Practitioners Fidelity Fund. For further information on Nedbank’s professional banking services please refer to their website: www.nedbank.co.za/
Click here to download the Historical Credit Interest Rates from 30-01-2014
Click here to view the Business Banking section of Nedbanks website.
Please note that the Legal Practitioners Fidelity Fund cannot be held responsible for the correctness or otherwise of the information supplied. The interest rates quoted are subject to change as they are linked to call rates.