Milestones

Treadwells Trust Account

Our trust account is held with the Bank of New Zealand, Wellington Branch, account number 02-0500-0867655-00.

Client Cleared Funds Policy

In the course of most purchase transactions we will pay out funds to another solicitor or party on a client’s behalf on the Settlement Day.  In doing so we will be relying on our client’s funds as being cleared funds that will not be reversed from our trust account.  We have adopted the following policy in respect of settlement funds that we receive from and on behalf of clients.

1. Personal cheques

Personal cheques must be paid and receipted into our trust account at least five working days before the Settlement Day.  If a personal cheque is received less than five working days before the date for Settlement we will have to request a special answer from our bank in order to ensure that the cheque has cleared.  Special answers attract a bank fee of $25.00.

2. Bank cheques

We can rely on bank cheques as cleared funds immediately and can received these from clients up the Settlement Day.

3. Electronic transfers and direct credits

Where funds that are to be paid into our trust account by electronic transfer or direct credit transfer we require that the transfer be effect at least three working before the Settlement Day.

All direct credit payments should clearly identify the client and the transaction to which the funds relate. If client funds are transferred into our account less that three working days before we will be required to pay them out again as cleared funds, we may require confirmation from the client’s bank that the funds are cleared and that they will not be reversed from our trust account.

All funds paid into our trust account by direct credit by registered banks and other lending institutions for immediate use must be accompanied by the payer’s irrevocable undertaking that the funds are cleared funds and that the payment will not be reversed.