Are my funds secure with Trustport?
Yes. Trustport holds all funds in escrow in bare trust in an account which is separate to its operational accounts. We are regulated as an authorised representative of an Australian Financial Services Licensee and must comply with the requirements applicable to financial institutions.
How are my funds held?
All funds in escrow are held by us on bare trust, and not by your agent, in accounts which are segregated to our company funds. We act as an independent third-party and service provider. It's similar to how your super is held, by a trustee, on your behalf, and only accessible under the right conditions.
What is an escrow account?
A secure holding account managed by an independent third party. Funds can't be accessed or moved until we receive a valid instruction agreed between both the buyer and seller. A simple, trusted way to protect everyone involved.
Who actually holds my money?
We hold your money on bare trust in segregated accounts with our payment provider or an ADI (authorised deposit-taking institution). ADI stands for Authorised Deposit-taking Institution. These are financial institutions, such as banks, credit unions and building societies, that are authorised by the Australian Prudential Regulation Authority (APRA) to take deposits from the public.
What happens to my deposit if the sale doesn't go ahead?
Your funds are handled in line with the Escrow Deed. Generally, this requires the parties to determine how it should be treated in accordance with the contract of sale and provide us with valid Payment Directions. Because your deposit sits in escrow, not a general account, it's always protected and accounted for.
No. Keeping your money safe isn't just something we do, it's why we exist.