Nedbank Not Meant for Attorneys

<p>In November 2015 I opened a trust and personal bank account at Nedbank Worcester in order to open my new attorney's practice. One requires proof of the opening of a trust account in order to start practising law under your own practice name in South Africa. The initial opening of the account was efficient and fast. I was impressed by how quickly Nedbank acted when they could obtain me as a new client. Thereafter, however, it was a downhill experience. </p> <p> </p> <p>After more than a month after practising and receiving fees in my Nedbank account, I still did not have an internet profile or password. I could not add beneficiaries on my internet profile and sadly had to revert to my personal ABSA account to handle all practice payments during the first few weeks.</p> <p> </p> <p>I was also not supp**** with any bank cards. After having requested my internet profile details and cards, I was at last supp**** with both. It entailed my having to follow-up these aspects regularly with the bank.</p> <p> </p> <p>Banks should know, as my auditor has confirmed, that no bank fees should ever go off on an attorney's trust bank account. Any bank fees and costs may only be deducted from a personal account. Our legislation and the Law Society prohibits bank costs to be deducted from a trust account. Nedbank Worcester is seemingly unaware of this aspect. </p> <p> </p> <p>After the practice's first major audit, I alerted the branch as to the irregular deductions of bank fees. My request to deduct bank fees only from my personal account has been sent to them more than a month ago, but the red tape on their side has prevented the request from being processed. My July 2016 bank fees again went off from the trust bank account.</p> <p> </p> <p>Attorneys should think twice before choosing Nedbank.</p>