At Westfield Bank, we offer an array of deposit account products designed to help attorneys and law firms meet their unique financial needs.
Choose from traditional offerings like checking, money market, certificates of deposit, sweep, and zero balance accounts. We also offer Interest on Lawyers Trust Accounts (IOLTA) accounts. Interest collected from lawyers’ trust accounts is pooled to provide legal aid and to support improvements to the justice system.
Checking & Money Market Accounts
|Account Type||Ideal for:|
|Small Business Checking||Attorneys and law firms that process < 500 items per month|
|Commercial Checking||Attorneys and law firms that process > 500 items per month|
|Business Money Market & Certificates of Deposit||Attorneys and law firms seeking to maximize interest on excess deposit balances|
|Commercial Investment Sweep Account||Attorneys and law firms that want to maximize earning potential by automatically transferring excess cash into an interest-bearing account|
|Zero Balance Account (ZBA)||Attorneys and law firms looking for an easy way to manage multiple disbursement accounts such as payroll and accounts payable by drawing the exact amount of funds needed to pay disbursements automatically from the main account to the ZBA account(s)|
Interest on Lawyers Trust Accounts (IOLTA)
Westfield Bank participates in the IOLTA program, designed to provide increased access to the justice system for individuals and families in need. Interest collected from lawyers’ trust accounts is pooled to provide legal aid and to support improvements to the justice system.
To learn more, contact a member of the Business & Government Deposit Services team today.