Banking for Law Firms

Most firms use several: an operating account for firm expenses, a payroll account for wages and payroll-tax withholding, a reserve account for an operating buffer and set-asides, an IOLTA or individual client trust account that keeps client funds separate, and an escrow account for closings and settlements. Chain Bridge Bank, N.A. offers each of these.

Yes. Chain Bridge Bank, N.A. offers both. An IOLTA account is a pooled account for nominal or short-term client funds, and its interest is remitted to the state IOLTA program. An individual client trust account holds a single client’s larger or longer-held funds, and its interest belongs to that client. Because IOLTA rules vary by state, a firm’s relationship officer confirms availability in the firm’s state.

It depends on how the account is held. IOLTA accounts, and client trust or escrow accounts opened as bank deposit accounts, are deposits at Chain Bridge Bank, N.A. and are insured by the FDIC up to the limits set by law; for client funds a firm holds as fiduciary, that coverage may pass through to each client when the FDIC’s recordkeeping requirements are met. An individual client trust account can instead be established through the Bank’s Trust & Wealth Department as a fiduciary, investment, or custody account, which is not a deposit, is not FDIC insured, and may lose value. A firm’s relationship officer can confirm which structure applies.

Yes. Trusts and estates practitioners regularly open estate accounts at Chain Bridge Bank, N.A. for the estates they administer. The Bank opens estate and trust deposit accounts that the executor, administrator, or trustee a firm represents can use to hold funds under administration, titled in the name of the estate or trust and kept separate from the firm’s own funds. A relationship officer sets up the account and coordinates the documentation, such as letters testamentary and the estate’s tax identification number. Where a client’s plan calls for a corporate fiduciary, the Bank’s Trust & Wealth Department can also serve as executor or trustee.

A settlement protection trust holds and administers settlement proceeds apart from a law firm’s operating and client trust accounts. Chain Bridge Bank, N.A. can serve as trustee, receive and hold the proceeds under a court order or settlement agreement, administer distributions under the trust terms, and coordinate with the professionals the parties designate. It is subject to a written agreement and acceptance review.

Yes. Chain Bridge Bank, N.A. is a national bank with fiduciary powers authorized by the Office of the Comptroller of the Currency under 12 C.F.R. Part 9, active since 2020. Its Trust & Wealth Department can serve as trustee of a settlement protection trust, receiving and holding settlement proceeds under a court order or settlement agreement and administering distributions under the trust terms, subject to a written agreement and acceptance review. See Specialized Trustee & Fiduciary Services.

The Treasury Management platform includes Positive Pay for checks and ACH (with optional payee-name verification), dual control with up to four approval levels for wires and ACH and up to two for business bill pay, and multi-factor authentication at login and when payments are initiated. The Bank also recommends verifying new or changed payment instructions through an independent channel before funds are sent, which guards against business email compromise. See the Security Center for detail.

Yes. Treasury Management connects directly to QuickBooks and exports reports that support trust-account reconciliation.

Chain Bridge Bank, N.A. operates from a single office, its headquarters in McLean, Virginia, rather than a network of retail branches. Clients can meet with the Bank in person there, including for deposit banking and Trust & Wealth services. Law firms can also work with the Bank remotely through its online banking and Treasury Management platform, with a dedicated relationship officer they can reach directly, and its national charter lets the Bank open accounts for law firms anywhere in the United States.

Yes. Chain Bridge Bank, N.A. is headquartered in McLean, Virginia, and its national charter lets it serve law firms anywhere in the United States, from newly formed practices to established firms, through its online banking and Treasury Management platform, with direct access to a relationship officer. Firms outside the area work with the Bank remotely, and clients near McLean can also meet in person at the Bank’s headquarters.

To open accounts, a firm contacts the Bank’s Commercial Deposits team at (703) 748-3444, Monday through Friday, 9:00 a.m. to 5:00 p.m. Eastern Time; calls are answered live during business hours. A firm can also email commercialdeposits@chainbridgebank.com or use the Bank’s contact form, which are typically answered within three business hours. A relationship officer follows up to confirm the accounts the firm needs, including IOLTA setup where applicable, and the documentation required.