“Many banks are only offering ABM transactions. Can LSO advise whether ABM slips are sufficient for trust account record keeping requirements?
The Law Society has indicated that if lawyers’ financial institutions offer ABM access to their trust accounts, it may be used for deposits only.
Lawyers who use this deposit method should:
• Ensure that the bank card is encoded for deposit only.
• Read the agreement carefully and make sure they understand the risks involved in using this method of deposit. In some agreements the depositor is responsible for the funds until they are received by a bank representative.
• Always print a receipt of an ABM deposit, write the source of the funds and the client reference on the receipt, and keep the receipts in date order with your deposit slips.
For more information see the LSO: COVID-19 Response (Bookkeeping FAQs) and the Law Society’s Bookkeeping Guide for Lawyers.