You need to think carefully about where you choose to bank. It can be costly and time-consuming to relocate trust accounts. Little things like the type of cheque that your accounting system requires can hang you up if you choose a bank that cannot accommodate your requirements.
At a minimum, you must instruct the bank about the type of cheques your system requires. For example, some accounting software requires continuous stationery cheques. Others, such as the one-write accounting system, use cheques that are only available from the system supplier.
It is strongly recommended by the Law Society that you maintain only one, or at the most two, pooled trust accounts. Experience shows that where numerous pooled accounts are held, there are more errors and shortfalls, to say nothing of increased bookkeeping costs.
Many trust account errors arise because the general and pooled trust accounts get mixed up. These suggestions will decrease your chance of error:
Find out about your bank’s clearing and data rules. For example: