What if the other party won’t approve the release of funds?
For money held between two parties in CheckVault, mutual agreement must be received before any funds are sent to the seller or buyer. The exception is where the buyer has the option to release all funds to the seller as expedited payment.
Neither party can simply “withdraw” the money. Sellers cannot access funds without the approval of the buyer. Likewise, buyers cannot withdraw the funds without the action first being proposed by the seller. It’s therefore in the utmost interest of both parties to resolve disputes to access the funds held in CheckVault. When a compromise or conclusion is reached, CheckVault allows the release to be split by any amount to both the buyer and the seller.
In the event a dispute cannot be resolved by the two parties, CheckVault may forward the matter to the appropriate court or tribunal after 10 days or more from the initial request to release funds. CheckVault will then release the funds as directed by the court. Both CheckVault and Perpetual Corporate Trust are entitled under the Escrow Deed to claim legal costs from the funds held in escrow in this regard.
Who is CheckVault?
How does CheckVault work?
One party (seller) requests a amount of money be secured in CheckVault in order to satisfy a particular condition. The funds are paid into CheckVault by the buyer, and both parties are advised the funds are secured in CheckVault. Once the conditions for release are met, the seller requests release of part/all of the funds. If the buyer approves, the funds are released and paid by Perpetual Corporate Trust as directed.
Who holds the money?
Money in CheckVault is paid directly to, and held by Perpetual Corporate Trust. When a release request is approved by both parties CheckVault passes this information on to Perpetual who make the payment directly to the appropriate party or parties.
What is escrow?
Escrow is a contractual arrangement where a third party receives, and then disburses funds on behalf of two other parties subject to certain conditions.
How is CheckVault different from traditional escrow?
Traditionally the escrow provider held the money. In CheckVault’s case we have arranged for another party – Perpetual Corporate Trust – to act as escrow agent. This is to provide an added layer of security for our clients.
Is the money invested in the stock market?
All money in CheckVault is deposited in at-call accounts and immediately accessible.
Are escrow funds segregated?
Yes. All funds in escrow are kept in segregated escrow accounts under the control of Perpetual Corporate Trust.
How much does it cost?
See our pricing page for more information.
How much needs to be secured in CheckVault?
CheckVault has been designed with most situations and industries in mind. There are no minimum or maximum transaction amounts, and you may add as many “milestones” to a transaction as required.
Does CheckVault support refunds or partial releases?
Yes. Provided both parties agree – funds can be split however you want. You may also partially release funds, with the remainder carried over into a new “milestone” for future release.
How do I make payments into CheckVault?
You can make payments into CheckVault via bank transfer, BPAY, and credit card.
Please note that CheckVault does not accept cash, cash deposits or cheques. These funds will be returned to you at your expense.
Why do I need to verify my identity?
CheckVault is required to collect and verify information on all clients in order to comply with Anti-Money Laundering and Counter-Terrorist Financing legislation. You may pass the required ID checks online or you may receive a phone call from our office to confirm your identity as an individual or company. It’s easy and takes less than 2 minutes in most cases.
I’ve still got a few questions, who can I speak with?
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