Can the law firm use automated banking machines to deposit or withdraw trust funds?
Trust funds cannot be withdrawn from an automated banking machine as all payments must be made with a cheque with a few certain exceptions. For deposits, law firms should enclose one copy of the detailed duplicate deposit slip in the deposit envelope. This is the same portion of the deposit slip that would normally be retained by the bank when dealing with a human teller. The chit that is generated by the automated banking machine should be attached to the lawyer’s copy of the detailed duplicate deposit slip and retained as part of the firm’s records. Lawyers should ensure that automated banking machine access cards are strictly controlled. They should also ensure that authorization restrictions are placed on them. If a lawyer allows support staff to make these deposits, the lawyer must ensure that the support staff cannot transfer or withdraw any funds from the account.
Related Questions
- When I make a deposit at a banking machine, I’m not always able to access the funds I’ve deposited right away. Why does that happen?
- What happens if I withdraw all my funds from the Flexi Cash ISA option but later make a further deposit into the account?
- Can a law firm use internet banking to perform their trust account and general banking transactions?
