Accounts that help your business specific needs.
IOLTA - Interest on Lawyers' Trust Accounts
Client deposits that are escrowed by a law firm or an attorney for a short period of time are required by the Massachusetts Supreme Judicial Court to be held in an Interest on Lawyers’ Trust Account (IOLTA).
With an IOLTA account from Florence Bank, multiple client funds can be conveniently aggregated in a single checking account. The interest generated from the combined deposits is then directed to the Massachusetts IOLTA Committee to support civil legal services and improvements in the administration of justice.
IOLTA account benefits include:
- No monthly service fees
- Low minimum opening deposit of $100
- Variable interest rate earned on balances over $10
- Unlimited check writing privileges
Florence Bank is an approved depository for the Massachusetts IOLTA program and is certified as a safe harbor depository. For more information, please visit: MAIOLTA.org
Client Escrow Account
The Client Escrow Account offers a simplified and organized way for attorneys, realtors, property managers and other professionals who use escrow accounts to manage their clients’ funds.
- A master checking account with an unlimited number of sub-accounts that can earn interest
- No fees for the master checking account or client sub-accounts
Detailed monthly statements show both master account activity and client account summaries
- Convenient interest reporting for each client, using client tax identification number
- Tax information for sub-accounts can be reported directly to clients
Manage your account electronically with our online services
Simplified Employee Pension (SEP)
Always trying to keep it simple, our Simplified Employee Pension (SEP) allows an employer to provide employees with an Individual Retirement Account (IRA), minus the usual risks and costs involved with managing employee retirement funds.
- For self-employed individuals, sole proprietors, and small business owners
- Contributions are tax deductible
- Your business pays no taxes on the interest earnings
- SEPs do not have start-up and operating costs of conventional retirement plans
- Very few government documents to file
- Offering a SEP may attract and retain employees
Inquire online or visit Florence Bank, a full-service bank with branches conveniently located throughout Western Massachusetts.
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