Statutory Trust Account

The fast, easy and flexible way to meet your statutory obligations.
Category: Trust Accounts  Last Updated July 4, 2025  Effective July 4, 2025

 General Lending Rates

No product information is currently listed. Please make contact with us for more information.

 Product Features

  • Other Additional Information: Where allowed by law, you can access client funds through online banking, giving you the convenience of banking any time you choose. You can also access funds through your account chequebook, or through our extensive branch network, anywhere around Australia.
  • Other Additional Information: You'll have visibility of your statutory trust account 24 hours a day, 7 days a week, through our online banking services, NetBank or CommBiz. You can track transactions as they happen and view images of cheques deposited to your account. You'll also benefit from more detailed transaction data, making it easier to use and reconcile your account.
  • Digital Banking Additional Information: With NetBank or CommBiz, your accounts can be tracked and managed in one place - keeping your banking and administration fast and easy.
  • Other Additional Information: Fees and charges are not charged to the Statutory Trust Account but are charged to the transaction account nominated by you. If you have a Statutory Trust Account, you must maintain and nominate a valid transaction account from which any applicable fees and charges relating to the Statutory Trust Account may be debited.
  • Other Additional Information: Any interest earned on Statutory Trust Accounts is paid to the relevant state or territory authority and interest rates may be zero.
  • Other Additional Information: Payments through the PEXA System from your eligible Statutory Trust Account or other eligible trust account can only be made if you are a subscriber to PEXA and have provided PEXA with the necessary authority. In addition to these terms and conditions, transactions carried out through the PEXA System are subject to PEXA's Financial Settlement Terms and Conditions. We are entitled to treat instructions received by PEXA which are authorised by your signatories' log in and password through the PEXA System as duly authorised by you.
  • Other Additional Information: Use QR Cardless to withdraw cash or deposit notes, coins and cheques (subject to product eligibility) by using the latest version of the CommBank app to scan a QR code at a compatible CommBank ATM
  • Other Additional Information: Your clients can deposit directly to the trust account through our branches or by electronic transfer - using customised deposit slips and assigned agent numbers to simplify reconciliations and help you manage payments faster.
  • Other Additional Information: If you're required to hold client funds in trust, you need a compliant statutory trust account with easy access, full visibility and low administration costs. We'll set up your trust account in line with the requirements for your state, and pay interest directly to the relevant statutory body.

 Product Eligibility

  • Business Additional Information: To be eligible you need to have a valid ABN, ACN, or an association created and operating in Australia. Further Eligibility depends on your specific organisation structure. Eligible customers typically include: Solicitors, Law Firms, Conveyancers, Conveyancing Solicitors, Real Estate Agents and Settlement Agents. To be eligible, these customers must give the following documents: Relevant industry license or practice certification and Written request to open a trust account, nominating a transaction account for the redirection of all fees and debit interest charges.

 Bank Fees and Charges

  • Cash Handling Fee (Event), Amount: Not Listed.. Additional Information: For coin handling is 1% of the total value of the coin component of all deposit and withdrawal transactions, where the total value of coins handled exceeds $1,000 per day.
  • Dishonour Fee (Event), Amount: 5.00. Additional Information: Charged to the account, due to insufficient available funds, when we are unable to debit the account.
  • Cash Handling Fee (Event), Amount: Not Listed.. Additional Information: For note handling is 0.25% of the total value of the notes component of all deposit and withdrawal transactions, where the total value of notes handled exceeds $50,000 per day.
  • Monthly Account Fee (Periodic), Amount: 5.00. Additional Information: Calculated at the end of each month and charged to your account on the first day of the following month. Monthly Account Fee payable for partial months is calculated pro-rata on a daily basis.
  • Paper Statement Fee (Periodic), Amount: 0.00. Additional Information: When you request a paper copy of an account statement outside the standard cycle, a paper statement fee may apply.
  • Assisted Transactions (Transaction), Amount: 3.00. Additional Information: Withdrawals or transfers made via telephone banking using an operator. Fees apply when the number of Quick Deposit, Cheque and Assisted transactions for the month exceed the relevant number of transactions included in the Monthly Account Fee.
  • Assisted Transactions (Withdrawal), Amount: 5.00. Additional Information: Withdrawals made over the counter at a CommBank branch, Australia Post office or private agency (including EFTPOB/Bank@Post). Fees apply when the number of Quick Deposit, Cheque and Assisted transactions for the month exceed the relevant number of transactions included in the Monthly Account Fee.
  • Cheque Transaction (Transaction), Amount: 5.00. Additional Information: Cheques written by you and negotiated through the clearing system. Cheques deposited to your account (including cheques deposited via Quick Deposits or QuickCash envelope banking). Fees apply when the number of Quick Deposit, Cheque and Assisted transactions for the month exceed the relevant number of transactions included in the Monthly Account Fee.
  • Assisted Transactions (Transaction), Amount: 5.00. Additional Information: Cheques drawn on your account and cashed over-the-counter at any CommBank branch. Fees apply when the number of Quick Deposit, Cheque and Assisted transactions for the month exceed the relevant number of transactions included in the Monthly Account Fee.
  • Assisted Transactions (Deposit), Amount: 5.00. Additional Information: Deposits made over the counter at a CommBank branch, Australia Post office or private agency (including EFTPOB/Bank@Post). Fees apply when the number of Quick Deposit, Cheque and Assisted transactions for the month exceed the relevant number of transactions included in the Monthly Account Fee.
  • Quick Deposits (Deposit), Amount: 10.00. Additional Information: Deposits made via the Quick Deposit Box or QuickCash envelope banking. Fees apply when the number of Quick Deposit, Cheque and Assisted transactions for the month exceed the relevant number of transactions included in the Monthly Account Fee.
  • Electronic Transactions (Transaction), Amount: 0.00. Additional Information: Deposits or transfers from an account made at a CommBank ATM in Australia. Direct entry debits or periodical payments. All transfers or bill payments made through Telephone Banking and NetBank (excluding NetBank service fees).

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