What is a project bank account?

Project bank accounts aim to create a fair payment system where progress payments are held in trust independent of the head contractor and principal.

A NAB Project Bank Account will consist of three accounts:

  1. General trust account.
  2. Retention trust account.
  3. Disputed trust account.

Important: When using a project bank account, deposits and withdrawals can only be made in relation to specific payments under the relevant building contract (and otherwise in compliance with relevant laws).

Setting up NAB Connect and user permissions

What types of users can access the account?

Users in NAB Connect include:

  • general user (principal)
  • security officer (head contractor).

If you're the head contractor, you'll need to manage the project bank account in NAB Connect. You'll also need to give the principal viewing access to the project bank account in NAB Connect.

If you're the principal, you'll be given access by the head contractor to the project bank account in NAB Connect.

What can security officers (head contractors) do on NAB Connect?

Security officers play an important role in NAB Connect. They have the ability to:

  • add or modify services, including user access
  • add or modify accounts, cards and merchant facilities, including user access
  • add or modify general or authorising users, including managing and approving breaches of payment limits for authorising users
  • modify users contact details, primary contact person and postal address
  • increase security settings including authorisation rules, segregation of duties, dual admin and transaction signing
  • reset general user passwords and request replacement/reset of security devices for all users
  • nominate the account to be debited for all NAB Connect and service fees and charges
  • request to remove services, accounts, reports and other related items if no longer required
  • access a report that includes details of all users and permissions.

What should principals have access to in NAB Connect?

As a general user, principals should be given access to:

  • transaction history
  • online statements
  • direct credit - provides general users access to any of the ABA files uploaded on other accounts.

The minimum access level in NAB Connect is a general user who can view accounts and create/submit payments. A general user's capabilities in NAB Connect can be tailored by the security officer to viewing access only.

How does a security officer create general user access for the principal?

Refer to Create a General or Authorising user and modify their details under Forms and Information to download a quick reference guide on how to do this. Once you have created general user access for the principal, see below for instructions on how to provide view only access.

How should security officers set up general user access for the principal?

Step 1: Add or remove access to the following according to a user's needs:

  • Australian deposits.
  • BPAY.
  • Corporate vouchers online.
  • Direct debit.
  • Direct link direct debit.
  • Domestic.
  • Executive payroll.
  • International.
  • Linked account transfer.
  • NAB payments.
  • NAB transact.
  • PayID register.
  • Payroll.
  • Self service migration.
  • Stop cheque.
  • Tax invoice.

Step 2: Select Advanced Permissions.

Step 3: In the advanced permissions screen, de-select everything except View Payment and View Template, and select Continue. This will ensure the principal has view access only, and can't create, modify or submit payments.

Step 4: A secure message needs to be sent to NAB Connect Onboarding to request removal of Address Book and Periodic Payments. Refer to the Admin tab in NAB Connect Help where you can download a quick reference guide on how to do this.

How to amend the account names for the three different accounts

Security officers can change the preferred account names for easier identification of each trust account. Preferred account names will need to be changed by each user in NAB Connect.

See our reference guide in NAB Connect for instructions on how to assign services and users to a merchant facility.

Accessing account information and statements

How do I view the transaction history?

You can download a reference guide on how to view account summary and transaction history details under the Accounts tab in NAB Connect Help.

How do I export the information from ABA Files?

A general user is unable to open the ABA File within NAB Connect. However you can click Open up the Payment under Payment Register and see full details under Transaction List. You can also export the payment details into a PDF if a copy is needed.

How do I use statements online?

You can download a reference guide on how to view or print your bank statements or merchant statements under the Accounts tab in NAB Connect Help.

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