What is NAB Escrow?

The NAB Escrow Service is a secure, transparent digital Escrow service provided by NAB.

  • Designed to enable funds to be held in an Escrow account until the seller requests payment for services, and the Buyer doesn’t dispute the payment.
  • Allowing sellers (e.g. barristers) and their authorised users (e.g. clerks) to manage client deposits and payment releases via the online NAB Escrow portal.
  • Enabling buyers (clients) to pay for services provided by sellers (e.g. barristers).
  • Backed by NAB’s secure payment services and technology.

Features and Benefits

Credit risk management

Security of funds held in an Escrow account.
Timeliness and certainty of payment.

Efficiency in client money management

Simplified administration including reconciliation, reporting and reduced paperwork.

Get the most from your Escrow service

Dedicated sales and servicing team to support you with establishment and use of the Escrow service.

How to use the NAB Escrow service?

  1. Sellers (e.g. barristers) will typically provide their buyers (clients) with a cost agreement and fee estimate prior to commencing work.
  2. Upon successful registration for the NAB Escrow service, the seller can log in to the online NAB Escrow portal to create a matter and invite their buyer to use the NAB Escrow service.
  3. Upon successful registration of the buyer, the seller can send a deposit request to the buyer via the NAB Escrow portal.
  4. The Buyer deposits funds into the Escrow account.
  5. When the Seller is seeking payment for services, the seller can request a payment release from the Escrow account. If no dispute is raised by the Buyer in the specified timeframe, the funds will be released to the seller's nominated bank account.

Overview of the NAB Escrow Service

A digital solution for barristers to more efficiently manage client payments. | View transcript (DOCX, 16KB)

Escrow users

Sellers

A seller (e.g. barrister) is the customer of NAB and has the ability to record and send deposit requests to their client in relation to a service. The seller can then lodge a request to release part or all of the funds held in the Escrow account when seeking payment.

Buyers

A buyer (client of the seller) can receive deposit requests from the seller and pay funds into the Escrow account where they will be held until the seller requests a payment release, provided the buyer does not raise a dispute within a specified timeframe. A buyer may also request a refund of some or all of the funds paid into the Escrow account. The refund will be made to the buyer if the seller does not raise a dispute within the specified timeframe.

We're ready to help you

Speak to your NAB banker or contact the NAB Private Direct team:

nabprivatedirect@nab.com.au
02 9466 7198 (Mon-Fri 8:30am-6pm AEST/AEDT)

For customer service queries:

nab.escrow@nab.com.au
1800 312 791 (Mon-Fri 9am-5:30pm AEST/AEDT)