PTS’s independent trust account forms the core of the market-leading protection offered to PTS members and consumers alike. But what is a trust account and how does it work at PTS?

What is A Trust Account?

PTS Trust Account Badge

At its simplest, a trust is a legal agreement by which a trustee holds funds for the benefit of another party in a trust account. This other party is known as the beneficiary, the person for whom the funds are being held in the trust account.

In travel, a trust account protects the consumer by ensuring that their money cannot be used before they travel for any other purpose than paying suppliers for their holiday. The consumer pays money for their holiday into the trust account and it can only be paid out before travel to suppliers if there is insurance in place to repay the trust account in the case of insolvency.

The trust account is run separately from the travel company who you booked with. This provides an extra level of protection for you and ensures the money you have paid can only be used for paying for your holiday.

With Protected Trust Services (PTS) members, the trust account is in the name of the trustee and is run by PTS and the independent trustees. The travel company does not have direct access to your money. As an extra layer of protection, you are given a booking reference which ensures your money is credited directly to your booking. If a refund is required, these will also be administered from the PTS trust account too, to ensure your monies are safe.

How Does the Trust Account Work At PTS?

There are a few different ways trust accounts are run, even in travel. At PTS we have made our trust account solution as secure as possible so that our consumers can travel with trust and our members can run their businesses with great financial security.

This is why we run an independent trust account with detailed, tried and tested processes to allow our members and you as a consumer to track all payments on your holiday to the penny. For extra security, we have appointed independent trustees, Elman Wall, so any payment out of the Trust has to be authorised both by PTS and Elman Wall.

At PTS, we also believe in being completely transparent with our members and consumers. We reconcile the Trust Account daily, allocating all payments to an individual booking, so the money you pay can only be used to pay for your holiday. We also provide a link for you (via your PTS member) to the payment page on the itinerary for your booking which shows all payments you have made for your holiday.

Our trust account system is incredibly efficient with our market-leading IT allowing our members to instruct payments easily and efficiently. All payments can be made swiftly and without hassle wherever you are travelling in the world

When you are ready to book your next holiday and you want to book with some of the best protection in the UK travel industry, don’t forget to look for the PTS logo and company number on your travel businesses website. Or, if you’d like to check that your travel business is indeed a PTS member, you can use the PTS member search.

If you would like to learn more about how a trust account works with PTS or how else you are protected as a consumer with PTS, don’t forget to check out our articles and updates.

Book Your Trip

Book your trip with a trusted PTS operator

Your Money Is Held In Trust

Your money is held with independent trustees in trust for your peace of mind

Pay For Your Booking

Independent trustees allocate your money to pay for your specific booking

Sit Back and Relax

Now just sit back & look forward to your trip with peace of mind

Take a Look at Other Related Topics