NAB Escrow Service for NSW Barristers
The NAB Escrow Service (the Escrow Service) is a free, online banking service provided by NAB exclusively to NSW Barristers to securely hold money for barristers' fees until the work is done.
The Escrow Service can hold monies paid directly by the client with the Solicitor being relieved of the cost and risk of maintaining trust accounts for barristers' fees. Alternatively, the Solicitor can provide the funds and manage the entire process on behalf of the client.
The Barrister will have access to an online portal to request deposits of funds, request release of funds, or to request the refund of excess funds. The NAB as escrow agent allows the Barrister access to create new accounts for each matter, monitor funds held, and make all requests electronically.
Barristers using the Escrow Service will have the confidence of knowing that funds are held by a major Australian bank to meet their fees for each matter.
The Escrow Service is the result of a major cooperative project between the New South Wales Bar Association and the National Australia Bank to help barristers, solicitors and clients. The New South Wales Bar Association has obtained Senior Counsel’s opinion that the Escrow Account is not a trust account or controlled monies account. The New South Wales Bar Association has also updated its costs and fees precedents to take account of the Escrow Service for both solicitor-briefed and direct access matters, which can be accessed here.
Further information on the Escrow service can be found on the dedicated NAB webpage which can be found here. This includes, fact sheets, training videos and the terms and conditions.
For dedicated escrow customer service queries:
1800 312 791 (Mon-Fri 9am-5:30pm AEST/AEDT)
Or speak to your NAB banker or contact the NAB Private Direct team:
02 9466 7198 (Mon-Fri 8:30am-6pm AEST/AEDT)
If you no longer wish to receive In Brief, please notify the Bar Association's Certification Officer