Automated Monthly Transfer System(AMTS)
The Fund will upload the information received from the Banks into its Fund Collection Management System (FCMS).
A number of South African Banks offer products for legal practitioners that automate the monthly collection process in a seamless fashion with little or no legal practitioner involvement.
- The net trust interest in the section 86(2) trust account is automatically transferred monthly to the Fund in a seamless fashion with little or no trust account practice involvement.
- Approved recoverable bank fees/charges, as defined by the Fund, are automatically set off against the interest earned before the Banks make payment of the net interest to the Fund. Refer to the downloads at the top of the page to view the list of approved recoverable and non-recoverable bank charges.
- Trust account practices are urged to make use of this Automated Monthly Transfer System (AMTS) that the Banks offer to their legal practitioner clients.
- Please contact your Bank to confirm if they offer AMTS and how it works as the processes differ slightly amongst the Banks.
BANK TRUST ACCOUNT INTEREST RATES
- The Fund does NOT negotiate interest rates nor bank charges with the Banks
- Please consult the Banks to establish the rate of interest that is being paid on trust accounts and what bank charges are being charged.
The Reserve bank governor announced an increase in Repo rate of 75 basis points on 21 July 2022.
ABSA credit interest rates below, effective from 22 July 2022.
| Balance Tiers | New Rate |
| R0.01 – R50 000.00 | 2.00% |
| R50 000.01 – R100 000.00 | 2.00% |
| R100 000.01 – R500 000.00 | 2.00% |
| R500 000.01 – R1 000 000.00 | 2.2% |
| R1 000 000.01 – R2 500 000.00 | 2.25% |
| R2 500 000.01 – R5 000 000.00 | 2.4% |
| R5 000 000.01 – R10 000 000.00 | 2.75% |
| R10 000 000.01 – R30 000 000.00 | 2.80% |
| R30 000 000.01 – R1 000 000 000 000 000.00 | 2.90% |
FNB credit interest rates below, effective from 22 July 2022.
| BALANCE TIERS | Previous Rate | New Rate |
| R1 – R999.99 | 0.00% | 0.00% |
| R1 000 – R9 999.99 | 0.00% | 0.00% |
| R10 000 – R24 999.99 | 0.00% | 0.00% |
| R25 000 – R49 999.99 | 0.00% | 0.75% |
| R50 000 – R99 999.99 | 0.50% | 1.25% |
| R100 000 – R249 999.99 | 0.75% | 1.50% |
| R250 000 – R499 999.99 | 1.00% | 1.75% |
| R500 000 – R999 999.99 | 1.20% | 1.95% |
| R1 000 000 – R2 499 999.99 | 1.50% | 2.25% |
| R2 500 000 – R4 999 999.99 | 1.75% | 2.50% |
| R5 000 000 – R9 999 999.99 | 2.00% | 2.75% |
| R10 000 000 – R29 999 999.99 | 2.15% | 2.90% |
| R30 000 000+ | 2.30% | 3.05% |
Nedbank, section 86(2) of the Legal Practice Act 28 of 2014.
| Balance Tiers | Interest |
| R1 000 – R99 999 | 1.75% |
| R100 000 – R999 999 | 2.25% |
| R1 000 000 – R4 999 999 | 2.40% |
| R5 000 000 + | 2.80% |
Standard Bank credit Interest rates below, effective from 22 July 2022.
| Balance Tiers | New rates |
| R0 – R24 999 | 0.00% |
| R25 000 – R49 999 | 0.00% |
| R50 000 – R74 999 | 0.75% |
| R75 000 – R99 999 | 0.90% |
| R100 000 – R999 999 | 1.15% |
| R1 000 000 – R1 999 999 | 1.55% |
| R2 000 000 – R2 999 999 | 1.75% |
| R3 000 000 – R4 999 999 | 2.00% |
| R5 000 000 and above | 2.30% |
MANUAL PAYMENT OF SECTION 86 (2) AND (3) TRUST INTEREST
Please download The Manual Payment Process of section 86 (2) and (3) Trust Interest.
Should a legal practitioner choose not to use the AMTS product offered by the banking industry, the legal practitioner is required to pay over the net interest earned in the trust current banking account to the Fund, on a monthly basis. (Rule 54.14.16.1)