Interest on Client Money. Any interest earned on client money held by us and any investment returns, on any segregated designated investments, will be retained by us for our own use.
Interest on Client Money. Client agrees and acknowledges that interest accruing to funds held in accordance with the Client Money Rules shall be transferred and assigned to AFEX Australia in consideration for Client’s use of the Services.
Interest on Client Money. The Client acknowledges and agrees that no interest is payable on funds held by Argentex as Client Money. Argentex is solely entitled to any interest derived on such funds.
Interest on Client Money. 20.1. In accordance with the Solicitors Regulation Authority’s Accounts Rules we are required to account to our clients for interest on money held by us in our client account when it is fair and reasonable to do so.
20.2. The holding of client money is incidental to the carrying out of clients’ instructions. In addition, we are required to hold client money in an instant access account to facilitate transactions. As a result, the rates of interest paid under this policy are unlikely to be as high as those obtained by an individual.
20.3. Interest will be paid where the amount calculated on the balance held exceeds £20. Where money is held in relation to separate matters for the same client we will treat the matters separately, unless the matters are so closely related that they should be considered together.
20.4. Where client monies are held in our general client account we will pay interest without deducting tax at source. You will be responsible for declaring any interest to HM Revenue & Customs. Where client monies are held in a designated deposit account, interest is usually paid net of basic rate income tax.
20.5. Interest will be calculated on a daily basis, using the average rates of interested offered to business customers on instant access deposit accounts across all banking institutions where we hold general client funds. Where appropriate we will adjust these rates to take into account our overall banking arrangements so far as they affect the rates received.
20.6. Interest will be calculated on cleared client funds. In the case of cheques received, this will be 5 working days after the cheque as been deposited with our bank, and for amounts received in cash, or via credit or debit card, standing orders, BACS and CHAPS, interest will accrue from the day of receipt into our client account.
20.7. We will normally account to the client for interest at the conclusion of the matter. Where we consider it appropriate we will calculate and credit interest on a quarterly basis.
20.8. You may contract out of receiving interest by signing a written agreement with us, once we have ensured that you have been provided with sufficient information at the outset of the matter to enable you to give informed consent.
20.9. This interest policy, including the de minimis limit of £20, will be reviewed periodically, particularly if changes are made to the Bank of England’s Base Rate.
20.10. Complaints regarding this interest policy and the amount of interest paid sh...
Interest on Client Money. Any interest earned on client money held by us, for instance, where we place Client Money on Treasury, will be retained by us for our own use, rather than paid to you.
