Business

Other Deposit Accounts

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.