With no monthly service fees and unlimited check writing privileges, the voluntary IOLTA (Interest on Lawyers' Trust Account) program helps attorneys and law firms generate funds to provide civil legal services to those less fortunate, all while utilizing a convenient account that allows attorneys to aggregate multiple client funds into a single account.
- No monthly service fees
- Only $100 minimum deposit to open
- Variable interest rate on balances over $10
- Unlimited checkwriting privileges
- Interest earned is used to support the Massachusetts Bar Foundation, Boston Bar Foundation, and/or the Massachusetts Legal Assistance Corporation
How it Works
Lawyers routinely hold funds for their clients. In many cases, the amounts are nominal and/or held for a short period of time. In these cases, account service fees would offset or exceed any interest earned. By depositing these funds into an IOLTA, however, they are pooled with other IOLTA deposits to generate interest used to fund non-profits that provide free legal aid to low income citizens.
NOTE: If a client's funds represent a significant sum and/or the deposit will mature long enough to earn a profit on interest even after account fees are accounted for, the CLIENT will receive the interest, not the IOLTA program.
Client Escrow AccountThe 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