Statutory Trust Account
Transaction account used to deposit funds held in trust on behalf of certain business customer's client. They are required by certain industries to be held by law and are also referred to as General Trust Accounts in some States and Territories.
Fees
| Fee | Type | Amount |
|---|---|---|
| Cash Handling Fee For coin handling is 1% of the total value of the coin component of all deposit and withdrawal transactions, where the total value of coins handled exceeds $1,000 per day | Event | 1% of transaction |
| Dishonour fee Charged to the nominated redirection account when we are unable to debit your account due to insufficient available funds. | Event | $5.00 |
| Cash Handling Fee For note handling is 0.25% of the total value of the notes component of all deposit and withdrawal transactions, where the total value of notes handled exceeds $50,000 per day | Event | 0.25% of transaction |
| Monthly Account Fee Charged monthly · Calculated at the end of each month and charged to your nominated redirection account on the first day of the following month. Monthly Account Fee payable for partial months is calculated pro-rata on a daily basis. | Ongoing | $5.00 |
| Assisted transactions Withdrawals or transfers made via telephone banking using an operator. | Transaction | $5.00 |
| Assisted transactions Withdrawals made over the counter at a CommBank branch, Australia Post office or private agency (including EFTPOB/Bank@Post). | Transaction | $5.00 |
| Cheque Transaction Cheques written by you and negotiated through the clearing system. Cheques deposited to your account (including cheques deposited via Quick Deposits or QuickCash envelope banking). |
Features
- The Statutory Trust Account allows a customer to receive funds through online banking, cheque, ATMs and staff assisted channels including at a branch.
- Digital banking
- You'll have visibility of your statutory trust account 24 hours a day, 7 days a week, through our online banking services, NetBank or CommBiz. You can track transactions as they happen and view images of cheques deposited to your account. You'll also benefit from more detailed transaction data, making it easier to use and reconcile your account. Integrating your online accounting software, like Xero, MYOB, QuickBooks or Wiise with your bank account could save time on admin and manual reconciliations.
- Digital banking
- Use QR Cardless to deposit notes, coins and cheques (subject to product eligibility) by using the latest version of the CommBank app to scan a QR code at a compatible CommBank ATM
- Fees and charges are not charged to the Statutory Trust Account but are redirected to a valid CommBank transaction account nominated by you.
- Any interest earned on Statutory Trust Accounts is paid to the relevant state or territory statutory body.
Eligibility
- Business customersTo hold this product, Customers will need to have a relevant industry license, practice certificate or membership, as legal practitioners, real estate agents, auctioneers, conveyances or settlement bodies. Before a customer opens this account, they may want to confirm with the relevant Statutory Body to determine if they are required to hold this account.
- Business customersTo hold this product, Customer will need to have a valid CommBank transaction account for the redirection of fees and charges
- Residency status — Residency StatusIn the case of domestic businesses (eg. a sole trader, partnership, company, etc), To hold this product customer will need to have an ABN or ACN where relevant; or in the case of foreign companies that carry business in Australia, be registered with ASIC. The eligibility of other foreign companies will be subject to review on a case by case basis
More Information
Published by CommBank under the Consumer Data Right · Last updated 16 July 2026 · Product ID 4fe647a4500a40459ccc46c494e43b9b · View on CDR.gov.au