Standard Bank Credit Interest Rates and Service Fees
Standard Bank’s product is classified as product code 151. It offers standardised interest rates and standardised service fees . Repo rate change, dated 29 March 2018, reduction with 0.25%. Revised credit interest rates received from Standard bank on 12 April 2018, effective 29 March 2018.
Repo Rate changed again on 22 November 2018, announced by Reserve bank Governor.
Standard Bank has confirmed their credit interest rates adjusted upward with 0.25%, same as their previous increase.(rates the same as those previously tabled, for July 2017 till 29 March 2018.
|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.|
Attorney’s Trust business markets
Repo rate change announced on 16 January 2020, reduction of 25 basis points. Revised credit interest rates effective from 17 January 2020, received from Standard bank.
For current credit interest rates, please refer below.
|Balance in trust account.||Nominal||Effective|
|R0 – R24,999||0.30%|
|R25,000 – R49,999||0.40%|
|R50,000 – R74,999||1.30%|
|R75,000 – R99,999||1.75%|
|R100,000 – R999,999||2.05%|
|R1,000,000 – R1,999,999||2.55%|
|R2,000,000 – R2,999,999||2.65%|
|R3,000,000 – R4,999,999||2.80%|
|R5,000,000 and above||3.30%|
Interest rates are quoted as per annum rates.
Fees structure with effect from 1st January 2020 to 31 December 2020.
Monthly Management flat fee: R85.00.
Cheque Service Fee for Attorneys Trust accounts is flat fee: R63.00 , regardless of amount.
Cheque Deposits: R60.00 per deposit +R8.50 per cheque, R160.00 maximum total fee.
Cash deposit fee: base fee R8.00 + 1.570%, no maximum.
Click here to download the Historical Credit Interest Rates from 30-01-2014
*Please take note that unless specified above, the fees and the terms and conditions of the Business current account will apply to the attorneys trust account.
Standard bank has developed an enhancement to provide for monthly transmission of interest, net of recoverable bank charges, to Legal Practitioners Fidelity Fund.
For more information:
http://www.standardbank.co.za/ (Click on the “Fees, rates and prices” section, and then select “interest rates” and “attorneys trust”)
Click here to view the banks attorney’s trust page.
Click here to download Standard Banks Business Transactional Accounts Pricing document (PDF)
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.