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Master’s fees only by EFT

FISA has received the following message from the office of the Chief Master.

“We have received numerous enquiries about ABSA refusing to accept cheque deposits for the payment of Master’s Fees.
It was initially agreed with ABSA to only accept bank guaranteed cheques or EFT’s, due to the high  volume of bounced cheques we had to write off.(as discussed at the Heads of Office meeting)
However the bank decided otherwise, without first consulting us, and now only accept EFT’s, and no cheques.
We are looking into it but will most probably have to amend the Act (section 28), which is not a quick process, so we are planning to meet with ABSA urgently in order to discuss the impact of their decision.
In the meantime, please inform all your stakeholders that Master’s Fee payment must be done via EFT, until further notice.”

FISA will keep members informed of any future change in this regard.

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