How to open a trust account
You must notify us via myCAV within 14 days of a trust account being opened.
The name of the trust account must include the name under which you are licensed to carry on business. In most cases, this will be the registered name of your agency.
The words ‘estate agency business statutory trust account’ or ‘estate agency business statutory trust a/c’ must also be in the name of the account. Do not repeat the words ‘estate agency business’ if they form part of the name of the agency.
You must pay any banking fees for trust accounts from your general business account.
Authorised financial institutions
A trust account can only be held in an authorised financial institution that we have approved to hold estate agents' trust money. This may be a:
- building society
- credit union
- other deposit-taking institution.
These institutions currently include:
- Bendigo and Adelaide Bank
- Commonwealth Bank of Australia
- Hume Bank
- Macquarie Bank
- Bank of Melbourne
- WAW Credit Union Co-operative
Interest on agents’ trust accounts is paid to the Victorian Property Fund, which we administer. For more information, see Victorian Property Fund.
Authorised financial institutions report to us monthly on the number of estate agent trust accounts they hold and the balances of those accounts.
Closing a trust account
If a trust account is closed, you must notify us via myCAV within 14 days.