Electronic Funds Transfer: Requirements from Solicitors
The Office of Accountants of the Court of Justice (‘the accountants’) have set out their requirements from solicitors for the introduction of electronic funds transfer (EFT) for payments out of court funds to solicitors.
This will ensure that the funds will be lodged directly to the designated account and will be available for immediate withdrawal. This will also eliminate the risk of a cheque getting lost in the post. In addition, on each occasion that a payment is made, a remittance advice advising that the funds have been lodged to the bank account will be issued.
The accountants can only make EFT payments where the payment is due to the solicitor’s firm, as their system is based on the bank details of suppliers. If a payment is made to an individual client ‘care of’ the solicitors, they will continue to issue cheques.
See below a suggested format that the accountants will require from each firm of solicitors who wish to receive funds electronically.
In the event that any of these details change in the future, please ensure that the accountants are notified as soon as possible.
I confirm that the following bank details are correct:
Full name of solicitor’s firm:
Name and address of bank:
Sort code: Account no: Signed:
Date:
Phone no: