At Hingham Institution for Savings, we understand the unique financial needs of lawyers and law firms. That's why we're proud to offer Interest on Lawyers' Trust Accounts (IOLTA) in:
California
Maine
Maryland
Massachusetts
New Hampshire
Virginia
Washington D.C.
What is an IOLTA Account?
An IOLTA account is a special type of trust account used by lawyers to hold client funds securely. By law, lawyers cannot commingle client funds with their own operating expenses. IOLTA accounts provide a safe and ethical solution for managing these funds.
Benefits of an IOLTA Account with Hingham Institution for Savings
Streamlined Account Management: Our IOLTA accounts offer a variety of features to simplify the management of client funds:
No minimum balances
No monthly maintenance fees
No wire transfer fees
Online wire access and wire alert features
Free positive pay - Identify and prevent fraudulent checks before they clear
Fast and Efficient Setup: To set up your IOLTA account, you will simply need your law firm's organizational documents. Our experienced team can typically establish your account within the same business day.
Support Access to Justice: Interest earned on IOLTA balances is automatically remitted to your local bar association or a designated qualifying organization. These funds are used to support vital legal aid programs and improvements to the justice system, ensuring everyone has access to legal representation.
Learn more about how an IOLTA account from Hingham Institution for Savings can benefit your law firm.