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  1. #11
    Computer Technician wainuitech's Avatar
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    Default Re: Sky/Vodafone rort - BEWARE!!!!

    BM -- Ya missed an important bit in the picture.

    "Banks do not normally pay interest on trust funds If any interest is earned on trust account funds it must be paid to the person entitled to it. "

    Just asked SWMBO and shes been in the real estate business for 30 odd years and works with this sort of thing daily, and as she said not all Real Estate companies use the same sort of trust account. Some use their own some use the NZRET.

    An example, they run a Trust Account that has no interest at all, so nothing is paid or received in extra funds, if someone deposited, 1 Million then that's it, 1 Mill in 1 Mil Out. Nowhere is it law you have to have a interest bearing account. By law it has to stay there for 10 working days unless there's a special release.
    One thing positive about Windows 10 is that there is never a dull moment anymore on ye olde computer

  2. #12
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    Default Re: Sky/Vodafone rort - BEWARE!!!!

    Wainui, the only part of your Post not already covered is this bit.

    When the Real Estate Companies were forced to pass on any interest on Trust Accounts, they sat down with their Banks and negotiated excellent terms on their Trading Accounts and other accounts, which included No Fees and suitable interest on the other accounts as long as the Bank held their Trust Account. After all, the considerable sums in Trust Accounts was Money for Nothing for the Banks.

    Donít forget Real Estate Companies arenít stupid.

    In what other business can you have Hundreds of Millions of Dollars in stock, without it costing you a cent?

  3. #13
    Computer Technician wainuitech's Avatar
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    Default Re: Sky/Vodafone rort - BEWARE!!!!

    A lot depends on what type of accounts are used, some don't have interest others do.

    If a Real Estate Company uses NZRET then NZRET get the interest, its all written into the contracts that the lawyers deal with. ( you know the ones they say sign here - which no one reads as its all gobble de gook to the average person).

    Is interest paid on deposit funds?

    Answer: No, as interest is retained by NZRET and this is the only form of remuneration SafeKiwi receives for operating NZRET.
    Source

    The 10 day law - SWMBO has to deal all the time with lawyers who try to "buck the system" and try to do tasks they know very well they shouldn't be asking or complain about ( early releases or the procedures that get done but something else has to be done first and hasn't - eg paper work). She knows the rules inside out and what has to be done, and she doesn't stand for any of their rants and ravings.


    ANYWAYS- - Back on topic - Will be interesting to see how Sky develops over time, charging more for services and not as much content as other sources. They will have to do something sooner or later, they wont survive solely on the rights to supply sporting events.

    When we dumped Sky directly, and got a second decoder Via Vodafone we save $60 / month and still get the exact same programs as before.
    Last edited by wainuitech; 11-03-2017 at 09:10 AM.
    One thing positive about Windows 10 is that there is never a dull moment anymore on ye olde computer

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