Below you'll find answers to questions relating to "Requesting bank account details or sharing trust/source account information" from the PEXA Key webinar run on February 19th.
FAQs on specific topics:
- General FAQs
- FAQs - Inviting buyers/sellers to use PEXA Key
- FAQs - Downloading and registering for the PEXA Key app
Short videos on what the client sees in the app below:
You can also ask any further questions on PEXA Key in the PEXA Key discussion forum.
FAQs - Requesting bank account details or sharing trust/source account information
- how do I initiate a request for bank account details?
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How to:
- First, invite your client to PEXA Key.
- Then, navigate to Settlement screen.
- Navigate to the Adjustments and Payments tab and scroll down to Payment Directions. Click on Request Account Details.
- Request Account Details screen will show the following:
- Select the name of your PEXA Key client from the list.
- Enter the Amount to be deposited to your clients account at settlement. The amount can be edited later if required.
- Enter a Transaction description. This is a description that your client will see in the PEXA Key app and will help identify the request for funds. For instance, Sale11Cairnes.
- Click Save.
- PEXA will automatically send your client a notification via the PEXA Key app, asking them to complete their bank account details.
NOTE: The request will remain open until your client completes their Bank Account details.
- Once the details are submitted by your client, the line item is automatically updated with their Account details.
- Click Action cog and select Create to move the line item to your destinations, ready for settlement.
NOTE: The line item can be edited at any time leading up to your settlement.
- do we need to know the amount the vendor will be receiving before we send a request for bank details...
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An amount is required, but you can add $1 or any amount for the time being and amend it later once you know how much they will be receiving.
- if a client enters the wrong bank details through the app, can they be edited in the app?
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No they can't. Your client will need to contact their representative with the correct details and you will be able to edit the details in the line item.
- if a client enters their bank details through the app, do I need to call them to confirm the details...
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No this is not required, however you are welcome to do so.
- if the client downloads the app but does not complete the request for bank details task, can we stil...
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Yes, even if you send a request for account details, it won't form part of the rest of the destinations or figures in the Adjustments and Payments section until the practitioner has approved the account details.
- what happens if I am representing vendors who are separating? can I send separate bank account detai...
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Yes, any individual represented by you (and has a Party record in a Workspace) can be invited to track their settlement via PEXA Key. In the instance where bank account details must be requested for the same settlement from different parties, you must request each of the bank account details one at a time.
If you are requesting multiple bank account details from the same individual client, only one request per client can be sent at a time, so you must wait for your client to submit the first lot of bank account details before requesting the second. Using the bank accounts submitted, distribute the funds accordingly within the Workspace’s Financial Settlement Schedule.
- can my client amend my trust account details?
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No, they can’t change the trust account details via the PEXA Key app.
- Do we get an alert once the client completes their details?
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It will be displayed in the Financial Settlement screen. We’re working on getting an update or notification for you to see it’s been completed.
- after settlement is it possible to use pexa key to reimburse a client any surplus?
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This isn't available after settlement but it can be used in conjunction with the settlement. Just add all the trust funds to sources and request the purchaser's account details via PEXA Key, to disburse in the settlement.
- when will pexa key be available for companies?
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This functionality will be available in April.
- is pexa key available for pexa projects?
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Not at the moment, but this is a future enhancement we would like to look into.
- is pexa key transaction specific or client specific?
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The PEXA Key app is available to your clients to use for any property transfer transaction they are involved in. The invitation from the workspace allows them to see the settlement date and time for that property as well as giving you the ability to send a task to your client. If your client is involved in more than one property transfer you can invite them to all of the properties they are involved in and they can see them in the app.
- Where do I go for technical support on PEXA Key?
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Please send any PEXA Key questions or support queries via email to our support team on support@pexa.com.au or call 1300 084 515.