Re: Non-integrated Trust Account Banks
17-08-2017 04:20 PM - edited 17-08-2017 05:31 PM
Was able to get onboard the Bankwest-PEXA integrated trust pilot, and thought I'd share my initial experience, in case anyone else has the same queries.
After verifying my source line item of customers funds in my Trust, the morning of Settlement arrives.
Nearly had a coronary; when I saw that the Available Balance (AB) funds in my trust account were reduced while on completing my trust bank reconciliation statement.
Would prefer to see some confirmation on my trust account to confirm the AB amount had been reserved for pending PEXA settlement, Have sent my feedback (suggesting this) to my bank, fingers crossed they take it onboard!
After sorting out additional trust signatory setup, Trust is two (2) to sign, claimed been done but not thoroughly tested...
Then waiting over 34mins past Settlement Ready-Ready locked & seemingly stuck in 'settling' stage, with NO change in History or Notifications since the last Title Activity Check - rang PEXA support.
Apparently, PEXA support coordinator needs to make a call (when dealing with PEXA integrated BANKWEST trust source funds) to progress past the settling stage... Then the rest seemed to progress much more normal.
Am now, couple hours after e-settlement, waiting for the PEXA source funds to show as withdrawn from my trust.
Update - it appears the AB funds have been deducted again (seemingly once by PEXA morning 'verifying' with the bank that the source line item is available, then again with actual trust balance deduction of PEXA Settlement funds leaving my trust account. - Am assured that the initial reservation of AB PEXA source funds will only drop off over night, and would not affect any trust cheque presented in the normal fashion, but could potentially prevent any other manual Bank Cheque request against the trust made during that double up time.
So you may need to ensure that your manual Bank Cheques are collected before the PEXA source actually gets deducted. At least till the new payment system is up and running.
Cheers Bankwest & PEXA, Hopefully, many more to go!