Trust Account details:
ASB Bank
Premium Trust Account
12 - 3155 - 0140300- 01
Bank–Branch-Account-Suffix
Standard Trust Account
12 - 3155 - 0140300- 50
Bank–Branch-Account-Suffix
*When paying into either trust account, please specify your user name and job number to appear on our (payee) statements.
How much is the E-trustee fee?
Premium Trust Account
For amounts under and including $4000 there is a minimum fee of $100. For amounts over $4000 the fee is 2.5% (0.025) of the amount deposited into the trust account. For example, for a $6000 amount deposited into the trust account a $150 fee will occur. For amounts over $40000 please contact us for individual rates.
Standard Trust Account
For amounts under and including $4000 there is a minimum fee of $40. For amounts over $4000 the fee is 1% (0.01) of the amount deposited into the trust account. For example, for a $6000 amount deposited into the trust account a $60 fee will occur.
What is the difference between the premium and standard trust accounts?
The Premium Trust Account has a 'Deed of Trust' held with the ASB Bank.
The Deed of Trust stipulates:
1. Funds received by the E-trustee Limited from Members will at all times remain the property of the Members and not that of E-trustee Limited.
2. E-trustee Limited will operate the Trust account so that money deposited is at all times separate and identifiable for each Member.
3. The ASB bank recognizes the funds credited into the E-trustee Trust account are funds not intended for the account holder but that of the Beneficiaries.
The premium account also has higher transaction fee due to the higher cost of administering the account. Please see the above question for transaction fee details.
What is the minimum transaction amount?
There is no minimum transaction amount.
What is the maximum transaction amount?
There is no maximum transaction amount.
Who should pay the E-trustee fee?
Either member can pay the fee, or it can be split 50/50. If the owner is paying the fee they must deposit both the quoted price for the job and the fee into the trust account. If the contractor is paying the fee the owner should only pay the quoted price for the job into the trust account. In both of the above cases, when the job is complete the contractor will be paid the amount deposited into the trust account less the E-trustee fee. The amount deposited into the trust account by the owner should be the same amount entered in the total cost box on the job page. The decision on who should pay the fee must also be entered into each job page.
Can I make progress payments?
To make progress payments, set up a new job for each payment.
Are the fees more expensive for progress payments compared too lump sum?
Progress payments over $4000 will be charged the same total E-trustee fee as a single lump sum payment.
When do I pay?
The correct time to pay is when both members have ticked that they agree to the details on the job page. If cheques are received early they will be banked with or without this agreement being reached. The E-trustee fee is deducted on banking.
How and when is the Contractor paid?
The contractor is paid within two working days of the owner confirming that the job is complete.
The contractor is paid by bank transfer into the bank account specified in their personal details.
Can I get a GST receipt for the E-trustee fee?
E-trustee does not give GST receipts as the E-trustee fee does not include GST. The escrow service E-trustee provides is a "debt security" financial service which is exempt from charging GST under the GST Act. E-trustee does not assume any taxation obligation for the contractors service therefor owners must get GST receipts for the work completed from the contractor.
What should we document in the Contract/Job description?
See our Contract Library for advice.
What happens if we both want to change our agreement?
To change the agreement, both members are required to e-mail E-trustee at info@e-trustee.co.nz. The e-mails are required to have the same amendment and specify that they agree to the change. The change will be entered into the job page by E-trustee.
What happens if we both want to cancel our agreement?
If one or both members are yet to tick the "Contractor Agrees" or "Owner Agrees" boxes the job can be deleted by either member by pressing the red cross to the right of the job on their job page.
If both members have ticked they agree to the job, then both members must e-mail E-trustee at info@e-trustee.co.nz their desire to cancel the job. If payment is already in the trust account the money will be refunded to the owner less the E-trustee fee.
Can I be an owner and a contractor?
Yes you can. You can be both an owner in one job and a contractor in another. For example, this may be useful for builders who are subcontracting work out.
Does E-trustee offer an inspection service to check if jobs have been completed?
(This question was submitted by a New Zealand rental property owner living off-shore)
E-trustee does not offer an inspection service. However, independent inspections can be completed by the NZ House Inspection Company. They have qualified builders available throughout New Zealand. If you are going to use their service or another inspector it may be advantageous to ensure they read and understand your job description entered on your job page before ticking that you agree.
Does E-trustee recommend contractors or find contractors work?
E-trustee does not provide a service for recommending contractors or finding contractors work. If you require this service we recommend you visit ihelpufixit.co.nz. They provide a customer and contractor matching service.
What happens if I forget my password?
Goto the Register/Login page and click on "e-mail you your password". Your password will only ever be e-mailed to the e-mail account you are registered under.
Where can I get more advice on building?
• ConsumerBuild is a partnership between the Department of Building and Housing and the Consumers Institute. They provide general information for the public on certain aspects of building in New Zealand. www.consumerbuild.org.nz
• BRANZ- Branz is owned by the Building Research Association of New Zealand Incorporated. It provides independent services to the building and construction industry in New Zealand, Australia and Asia. They have advice help-lines for both builders and home owners. www.branz.co.nz
Does E-trustee favor the contractor or the owner?
E-trustee is a neutral service that supports both contractors and owners.
What happens if there is a dispute?
E-trustee does not provide a disputes resolution service and remains neutral to both members in the event of a dispute. Members should spend time on their Contract/Job descriptions as most disputes are caused by a lack of communication and misunderstandings. Members are also recommended to specify a mediator and procedure for dispute resolution in their Contract/Job Description in the chance of a dispute occurring. A mediation service maybe available as part of the Contractor's trade organisation. Failing the above, the Disputes Tribunal (http://www.justice.govt.nz/pubs/courts/disputes_general.html) or New Zealand Courts can be used. The Disputes Tribunal can be used for amounts under $7500 or under $12000 with the agreement of both Members.
How does an owner reject work that the contractor believes is completed?
The owner must notify the contractor if they are not satisfied about the work completed before the agreed inspection period ends. Members will then begin to resolve the issue – see teh above question -What happens if there is a dispute? An agreed inspection period should be entered in the Contract/Job description for all jobs.
How are owners refunded?
Owners are refunded by cheque or bank transfer. Please specify what method you prefer when specifying your amendments. If you would prefer a bank transfer, you are required to enter your bank account details into your personal details.
What happens if the owner doesn't pay?
If the owner has not paid the total cost into the trust account the job should not be started. Once the owner has paid the site will be updated to show that it has been received and both members will also receive a confirmation e-mail.
What happens if I am unhappy with the job the contractor has done after I have confirmed the job is complete?
Once the job is confirmed completed by the owner the money is transferred to the contractor's bank account. E-trustee is not able to return any money to the owner after this point. The owner will have to go through the normal disputes resolution channels to seek compensation.
How can I collect dept for previous work before I used E-trustee?
Debt can be easily and economically collected by using icollect. They have a simple process that has a very high success rate. See there website for more detail www.icollect.co.nz.
