ING Privalis Services
ING for lawyers
With 18 branches in the main law courts in Belgium, ING's Privalis services are always close by, right where you work.
The Privalis team is familiar with the secrets of the legal profession and can offer solutions that are perfectly aligned to your needs and to the situations you are faced with in your profession.
Are you a first-year trainee lawyer?
- Discover the special conditions of Privalis for trainee lawyers.
- Order your professional business cards free of charge (FR) when you open a lawyers account.
The ING Privalis service features a comprehensive range of accounts designed specifically for you as a legal professional.
There is a sub-account for each of the different situations you encounter in your profession, a third-party account that allows you to separate your own assets from the funds you manage for third parties, and an office account for efficient management of your business's liquid assets and cash reserves.
According to the Royal Decree of 21 December 2013 published on 16 January 2014 in the Belgian State Journal, it is now required by law that you make a clear distinction between your own assets and the funds you hold on behalf of third parties. ING makes it easier than ever to meet your obligations and offers a complete range of third-party accounts, sub-accounts and other tailor-made solutions designed to help legal professionals manage their practice efficiently and profitably.
Accounts for lawyers
Lawyers third-party accounts
The Lawyer third-party account is a must-have for every lawyer. This is the account on which you receive funds from customers or third parties to pass on to other parties. It allows you to make a clear distinction between your own assets and third-party funds.
Debt negotiation account
The lawyer acting as mediator collects the income of the person who has debt problems. This allows you to distribute the income between the various creditors and the debtor.
The bankruptcy account is a sub-account for the receiver to deposit all recovered funds from a bankruptcy. The money remains on this account until it is distributed among the creditors.
A consignment or escrow account is opened in the name of 2 or more lawyers representing their respective customers involved in litigation with each other. The funds are temporarily deposited into this account pending the court's decision. After the decision the funds are allocated to one of the parties or distributed among the parties.
A case account is opened at the request of a lawyer during an on-going court case for the purpose of depositing funds in relation to the case in question.
Accounts under management
An account under management is an account opened on behalf of a person whose affairs are placed under provisional administration by court order. The designated provisional administrator applies for the account to be opened.
Several variations are available, satisfying every need you may encounter: the current account under management, your “day-to-day” current account, savings accounts under management (offering a high base rate or generous fidelity premium), the invest account under management (to which you can link a securities portfolio in the event the person in interim receivership owns securities).
Managing your liquid assets and cash reserves
Do you want the best return on your cash reserves? ING offers a wide range of flexible savings plans with a high return in the short or long term.
Already an ING Privalis client? ING is pleased to offer you a complete range of payment methods along with other services perfectly suited to the needs of legal professionals. The Courts Service Coupon, for instance, simplifies your court cost payments while our flexible accounts and bank cards simplify life considerably for you and your clients whose finances are placed under provisional administration.
The registry coupon is a payment method that allows you as a lawyer to pay registry fees securely and rapidly.
A registry coupon must include the following data:
- name of the beneficiary registry
- the text "The Bar Financial Service will today pay the .... Registry"
- the amount of the registry fees in figures (the instructing party can leave this open for the registry to fill in)
- date of issue
- signature of the account holder whose account is to be debited
- account number of the account to be debited
- case reference
- registry coupon number
Registry coupons are covered by a confirmed bank guarantee.
In addition to a credit card for professional use, ING MasterCard Business, ING also offers a bank card specifically tailored to the legal profession:
The LimiCard is a bank card with limits on services and spending limits.
It is granted by an interim receiver or debt negotiator to a person under interim administration, or to a debtor involved in a debt mediation. Thanks to the LimiCard, this person can make withdrawals at all Self’Banks in Belgium, with a minimum of 20 euros* per withdrawal. The person thus has a secure, practical tool for everyday expenses.
Each LimiCard has a customised withdrawal limit. This limit is set by the lawyer granting the LimiCard. They may change this withdrawal limit at any time.
*Withdrawals of a minimum of 20 euros, and then in tranches of 5 euros with a maximum of 500 euros.
Find a Self'Bank in your area.
Contact your Business Developer Privalis Services for more information.