How do I use the PEXA Source Account?
- Select the PEXA Source Account as the source of the funds for the Line Item you have created.
- Create a source financial Line Item in your Settlement Schedule.
- After creating this item, select the Action Cog for the item and click "Download Deposit Form":
The form includes the following:- Scheduled Settlement Date
- Deposit Due Date
- Deposit Amount
PEXA Account BSB - PEXA Account Number (unique customer deposit account number)
- PEXA Transaction ID (please note that this information is critical)
- Statement relating to the collection of Personal Information
Note: You must provide the PEXA Source Account Deposit Form to the person depositing the money.
The funds need to be deposited into the PEXA Source Account via electronic funds transfer (EFT) or real time gross settlement (RTGS) via a Financial Institution. The PEXA transaction ID must be included in EFT/RTGS instructions to enable PEXA to verify availability of funds for the Conveyancing Transaction. You may also transfer funds on behalf of your client from a trust account that is not eligible for PEXA integration.
Additional requirements:
- Funds must be cleared and available in the PEXA Source Account no less than 3 business days prior to scheduled settlement.
- PEXA will verify that the funds are available in the PEXA Source Account, once verified your Source line item will move to READY
- Your client (or you) must keep a record and evidence of this transfer of funds, including evidence of where the funds were transferred from.
- If settlement does not proceed and funds need to be returned, funds can only be returned to the account from which they were transferred (refer to Section 2.4 of the PEXA Service Charter).
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