Waalburg Building, 28 Wale Street, Cape Town
Tel: 021 424 5351

Types of Trust Bank Accounts

TRUST BANKING ACCOUNTS – SECTION 78 OF THE ATTORNEYS ACT AND SECTION 86 OF THE LEGAL PRACTICE ACT

The attorney trust banking is regulated by section 78 of the Attorneys Act and Section 86 of the Legal Practice Act

TRUST CURRENT BANKING ACCOUNT

  • Section 78(1) of the Attorneys Act and Section 86(2) of the Legal Practice Act requires any practicing practitioner/legal practitioner to open and keep a trust account at a bank

 

TRUST SAVINGS AND OTHER INTEREST-BEARING ACCOUNT

  • Section 78(2)(a) of the Attorneys Act and Section 86(3) of the Legal Practice Act permits any practicing practitioner/legal practitioner to open a separate trust savings account or other interest- bearing account at a bank or building society for any money which is not immediately required for any particular purpose

 

TRUST INVESTMENT ACCOUNT

  • Section 78(2A) of the Attorneys Act and Section 86(4) of the Legal Practice Act permits any practicing practitioner/legal practitioner to open a separate trust savings account or other interest- bearing account at a bank or building society for any money on the instructions of any person for the purpose of investing therein any money deposited in the trust account of that practice, on behalf of such person over which the practice exercises exclusive control as trustee, agent or stakeholder or any other fiduciary capacity