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Applying for a Client Account
Q. How long will it take to open a Master Account?
A. Once we have received the signed and completed application form along with any satisfactory supporting documentation the Master Account will be opened. This process will usually take up to four working days.
Once the Master Account has been opened, your firm will receive confirmation, via post, of the account number, which will link all of your Client Account funds. This account will not require funding and will remain open with a nil balance.
In addition to this and for security reasons, each signatory will receive two separate communications. One will confirm details of the unique User ID code and the first half of their password by post. The other will be an email to their nominated personal email address confirming details of the second half of the password. Both pieces of information are required before you can log on to the account.
Q. What other information must I supply?
A. Once the account has been opened each signatory will be prompted to register Memorable Details when logging onto your account for the first time. You will be asked for a memorable name, memorable place and memorable date.
Logging on for the first time
Q. How will I know that the Master Account has been opened?
A. Once the account has been opened, your firm will receive a letter confirming the account number and details of how to proceed.
Signatories will only be able to log on for the first time after they have received both their User ID code and both parts of their password. These will be sent separately, after the account has been opened.
Once you have received this information simply enter the details in the appropriate places on the log on screen and click 'Log On'.
If after consulting the Help Section you are still experiencing problems please e-mail us at solicitor.enquiries@castlemoney.co.uk or call us on 0800 917 7755. Lines are open Monday - Friday, 9am - 5pm.
Q. Why am I asked to change my password when I log on for the first time?
A. Once the account has been opened, you will be allocated a unique ID code and a password by Castle Money. For security reasons the first time you log on to the account you will be prompted to change your password. This process ensures that the account signatories are the only people who actually know what the password is and are therefore the only people authorised to access the account.
Please note that Castle Money do not record details of this information on the computer system.
Q. Can I access the account at weekends and bank holidays?
A. Yes, providing your internet connection is working, the account is available 24 hours a day, all year round. However, if you make any transactions at the weekend or bank holidays they will not be completed until the next working day.
Site maintenance
Please note Castle Money will, from time to time, need to make changes to the website for technical and/or maintenance reasons. Wherever possible this work will be carried out between the hours of 7pm and 9pm Monday to Friday.
Making investments & withdrawals
Q. How do I make my initial investment?
A. You can make your initial investment by Faster Payments, CHAPS, BACS or payment from your firm's nominated account by Direct Debit.
Q. Why do I need a nominated account?
A. You need a nominated account in order to be able to transfer funds to and from your Client Accounts'.
The nominated accounts must be provided by UK clearing banks or building societies.
You will be asked to complete a Direct Debit form for your chosen nominated account with the initial application form. This is necessary because it gives Castle Money the authority to be able to transfer funds from the nominated account at your request.
Please check to ensure that any bank/building society you choose to nominate will accept a Direct Debit mandate requesting payments through the BACS system originated by Castle Money.
Q. How do I set up a new nominated account or change an existing nominated account?
A. In order to set up a new nominated account or change an existing nominated account you must write to us on firm letterhead stationery and complete a new Direct Debit mandate which is available from our website. This letter must be signed by two partners of the firm (or sole practitioner/trader and the second authorised signatory).
The address to write to is:- Castle Money, RSSB-YCLJ-HUYB, PO Box 835, Wallsend, NE28 5BG.
Please allow 10 working days for your initial Direct Debit mandate to be activated and set up by your nominated bank or building society. Any transaction attempted during the 10 working days will be rejected.
Q. How do I transfer money online into my Client Account?
A. Step 1: Set up a Master and Sub-Accounts
In order to be able to transfer money in we must have set up your Master Account and you must have set up at least one Sub-account.
Step 2: Check to ensure you have sufficient money in your nominated account
When transferring money into the Client Account please allow up to three working days for the funds to reach your account (four days if completed after 2pm). Funds will be available for withdrawal (where permitted by the account features) on the third business day following the day of receipt into the account. Until such time they will be shown under the processed balance.
Step 3: Complete the transaction
Choose the 'Make A Transaction' option from the menu bar. You must then enter the appropriate response in each of the following fields:-
- Enter the amount you wish to transfer
- Indicate whether this will be a one-off payment or a regular payment
- State the date you wish the transfer to take place
- Press 'submit payment'. You will then be asked to confirm the details you have entered.
Once you have done this your transaction will be processed.
Q. How do I transfer money into my Client Account directly from my bank?
A. Step 1: Set up a Master and Sub-accounts
In order to be able to transfer money in we must have set up your Master Account and you
must have at least one Sub-Account (known as the Client Account).
Step 2: Simply contact your bank or building society using the following information:
Our Account Number: 40174173
Our Sort Code: 20-32-53
Beneficiary: Skipton Building Society
Payment Reference: Your full business name and the individual Client Account number as created in step 1 (this is important so that that funds can be correctly applied to the appropriate account. Funds without a valid individual client account number may be returned).
Q. How do I transfer money out of the Client Account?
A. The process for transferring money out of the Client Account is similar to that used when transferring money into the account.
Step 1: Select the Client Account from which you would like to transfer funds.
Step 2: Complete the transaction
Choose the 'Make A Transaction' option from the menu bar. You must then enter the appropriate response in each of the following fields:-
- Enter the amount of funds you wish to transfer
- Indicate whether this will be a one-off payment or a regular payment
- State the date you wish the transfer to take place
- State if you require the funds be sent by BACS or CHAPS.
- Press 'submit payment'. You will then be asked to confirm the details you have entered.
Once you have done this your transaction will be processed.
Q. How long do transfers take?
A. Transferring funds into the Client Account
1. When transferring funds from your nominated account into the Client Account, please allow up to three working days for the funds to reach the account (four days if completed after 2pm on that day).
2. Until your funds are 'available' they will be shown under the processed balance. Funds will be available for withdrawal (where permitted by the account features) on the third business day following the day of receipt into the account, if transferred via nominated account. For a definition of 'processed' and 'available' balances see the 'What is the difference between processed and available balance' section.
Transferring funds out of the Client Account
3. When transferring money out of a Client Account to your chosen nominated account by BACS, please allow three working days for the funds to reach your account (four days if completed after 2pm on that day)
4. When transferring money out to your nominated account by CHAPS, funds usually reach your account on the same day; though the request must be made before 2pm.
5. Requests to transfer money out of the Client Account received before 2pm on a working day will be processed the same day.
Account balance and statements
Q. How do I check my Client Account balances?
A. Whenever you log on to the account you will be presented with a summary of your clients accounts showing the available balance. Additionally, you can view a clients custom statement by selecting the 'continue' button.
Q. What is the difference between 'processed' and 'available' balance?
A. The 'available' balance is the actual value of funds available to the account holder(s) for transfer purposes. The 'available' balance will always be displayed on your status bar at the top of the screen.
The 'processed' balance is the total balance of the account and includes transactions which may not have been cleared. This is the balance upon which interest is earned on the account.
Q. How do I view statements?
A. Whenever you log on to the account you will automatically be presented with a summary statement showing all your clients accounts. To work with individual clients accounts select the 'continue' button for the client you wish to work with. This will display the 'ministatement' for your client. Additionally, you can create a custom statement by selecting 'Custom Statement' from the 'Statement Type' option and then confirming your chosen 'From' and 'To' dates and clicking on 'Generate'.
Please be aware that downloading your personal information will transfer your financial information from our computer onto your computer and therefore you should take appropriate steps in order to secure the information and prevent other users from accessing the file.
Q. What information is displayed on my statements?
A. Your Client Account statements will show the following information for each transaction:-
- date of transaction
- status of transaction i.e. cleared/pending
- details of transaction
- debit/credit indicator
- amount of transaction
- updated balance on account
Q. How do I download the custom statement?
A. The Client Account has been designed for use with personal financial management software. You can download your clients' custom statements and import them into the financial management package Microsoft Money (not supplied) or within spreadsheet packages such as Microsoft Excel (not supplied) which support the Comma Separated Value (csv) format.
Please be aware that downloading your personal information will transfer your financial information from our computer onto your computer and therefore you should take appropriate steps in order to secure the information and prevent other users from accessing the file.
Q. What do the various status descriptions mean on my list of pending transactions?
A. Pending - A transaction has been actioned but has not yet been processed. The transaction may be cancelled or amended at this stage by clicking on the green icon to the left of the transaction.
Processing - The transaction is being processed and cannot be cancelled or amended.
Rejected - The requested transaction has not been processed and you should click on the green icon to the left of the transaction to investigate why. You should then delete this transaction and resubmit your request.
Q. Why do my new client's account details not appear in the 'Summary of Clients Account'?
A. Any new clients accounts that are created will not appear immediately in the 'Summary of Clients Accounts'. The Summary will be updated for the next working day.
Interest
Q. When will interest be received?
A. Interest will accrue on a daily basis and will be credited to your account monthly, on the anniversary of the account first funding date.
Q. What is the current rate of interest payable on Client Account?
A. You can check the current rate of interest payable on your Client Account by selecting the 'Interest Rates' option from the statements screen.
Q. How will I be informed of changes to the interest rate?
A. Details of any interest rate changes will be available by selecting the 'Statements' option from the Menu bar and then choosing the 'Interest Rates' option.
Q. When is interest paid on investments and withdrawals?
A. Investments made via BACS wil l earn interest from the day we receive the funds. For withdrawals interest will be earned until the day before you give notice to withdraw the funds.
Change of details
Q. How do we change address or other details?
A. If you change your address or wish to change any of the personal details a minimum of two partners (one if a sole practitioner) must write to us on the firm's letterhead providing details of the changes. The letter must be signed by at least two partners of the firm (or sole practitioner and the second signatory). You will also be required to complete a Change of Details form which is available from the Castle Money website.
Once we have received this instruction your details will be changed automatically. You will receive confirmation of any change in writing.
Q. How do we change nominated account details?
A. In order to set up a new nominated account or change an existing nominated account you must write to us on letterhead stationery and complete a new Direct Debit mandate and Change of Details form both of which are available from the Castle Money website.
This letter must be signed by at least two partners (or sole practitioner and the second authorised signatory). The address to write to is:-
Castle Money,
RSSB-YCLJ-HUYB,
PO Box 835,
Wallsend,
NE28 5BG.
Please allow 10 working days for your initial Direct Debit mandate to be activated and set up by your nominated bank or building society. Any transaction attempted during the 10 working days will be rejected.
Please check to ensure that any bank/building society you choose to nominate will accept a Direct Debit mandate requesting payments through the BACS system and originated by Castle Money.
Once we have received this instruction your details will be changed automatically. You will receive confirmation of any change in writing.
Q. How do we add or remove additional authorised signatories to the account?
A. In order to set up an additional authorised signatory on the Client Account you must write to us on your firm's letterhead and enclose with a completed Change of Details form (which can be found on the Castle Money website) the letter must be signed by two partners/directors (or sole practitioner and the second authorised signatory).
To remove an authorised signatory on the Client Account you must write to us on your firm's letterhead and enclose the letter must be signed by two partners/directors.
Once we have received this instruction your details will be changed automatically. You will receive confirmation of any change in writing.
The security of your account
Q. How secure is the operating environment?
A. Castle Money provides a safe and secure environment in which to operate the Castle Money Client Account. The latest technology using full 128-bit encryption has been used to help ensure online security.
For security reasons each authorised signatory will be provided with a unique user ID and password. They will be required to input this information each time they use the account.
Q. What happens if I lose the user ID code/password?
A. If you suspect that your user ID or password has been discovered by someone else or you have lost these details please send us an e-mail immediately advising us of this situation, to solicitor.enquiries@castlemoney.co.uk. Alternatively call 0800 9177755 (Mon-Fri, 9am- 5pm). Once we have established your identity you will be issued with a new password by telephone and email.
Q. Can I change the user ID code and password?
A. When you open an account you are automatically assigned a unique user ID code. For security reasons you are not permitted to change your user ID code at any time. As a result it is important to ensure that you memorise your ID code once you receive it.
Although you are assigned a password when you open the account you are required to change this when you log on for the first time. You can change your password at any stage by selecting the 'Change password' option after you have logged on. You will be asked to enter and confirm your new password.
Q. What if the Castle Money and Client Account pages can't be displayed?
A. If you cannot access the log on page, please reset your browser to its default settings by following the instructions below. These instructions apply only to Microsoft Internet Explorer.
- From your web browser select tools
- Click on Internet Options
- Select the advanced tab
- Click on the Restore Defaults button
- Click on the OK button
Q. Why do I get the security message 'This security certificate is either out of date or invalid.' when accessing the Castle Money site ?
A. VeriSign (our security certificate authority) have recently started issuing a new intermediate certificate (to be used in creating secure connections), as the old intermediate expires in less than two years time and will soon be invalid.
Any customers experiencing this problem are advised to upgrade their browser to a more recent version (recommended) or install the up to date trusted root certificate in their browser. This certificate can be obtained from http://www.verisign.com/support/site/getCA.html