At Astrodon our bank accounts are covered under the Estate Agency Affairs Board Fidelity Fund in terms of regulations and independently audited annually, of which our reports are duly submitted to the EAAB in terms of regulations by no later than 30 June annually.
When it comes to banking we offer our clients the option of either utilising our Estate Agency Affairs Board section 32 global trust account, as duly registered in terms of regulations, or an individual Standard Bank PFA section 32 Trust account opened for the scheme in the Scheme’s name in terms of the EAAB trust regulations, ensuring our clients’ peace of mind and enabling Astrodon to produce accurate monthly individual bank statements and to invest excess funds on behalf of the scheme in terms of CSOS and the Maintenance Reserve Funds without any delays.
For existing scheme’s contracting with Astrodon who have their own bank accounts Astrodon will gladly take control of such accounts, provided that Astrodon would be the sole signatory of the account in terms of Section 32 Trust Accounts in order to be covered by our EAAB fidelity fund certificate.
Should the scheme’s trustees/directors insist on being signatories of the account and to exercise control over the account, Astrodon would require internet viewing access on the account in order to perform the daily duties in terms of our SLA. It is noted that such accounts will not be covered by the EAAB fidelity fund cover as the control of the account and payments will be handled by a third party and the scheme will have to have their own fidelity cover in terms of regulations.
We also note that various options are available in terms of loading and releasing of creditor payments.