Bonds Update

11 June 2021   |   by Mandy Welch

Hopefully, by now, most of you will have heard from the Bond Services Team and be set up using Direct Credit.

If you have not heard back then email them directly at bond.finance@mbie.govt.nz

When you email them make sure you state that you would like to do Direct Credit as they will automatically push you to Direct Debit. This is the future they would like to push to.

REINZ and others in the Industry have a problem with this, for a start, most banks will not allow direct debits to be taken from Trust Accounts. This means the money would have to be moved to Trading Accounts first and we are not sure that is a good idea. I have a meeting set up MBIE next week to discuss further.

In Palace, once you are ready to go, you will need to load your Landlord ID in the Front Page of System Setup. You also need to make sure you have a Trading Account bank number loaded under Ledgers – Add Trading Account. (This is just because of the authorities in Palace it is linked to)