Avidia Bank is a certified Leadership Institution by the Massachusetts IOLTA Committee.
The law required lawyers and law firms to establish interest bearing accounts for client deposits that are typically held for a short period of time.
An IOLTA (Interest on Lawyers Trust Account) is an account which allows lawyers to hold funds that are disputed or do not belong right now to the lawyer.
If you are a Massachusetts Attorney in need of an IOLTA, please contact our Business Banking Department at 800-397-2225.
Important Information About Opening A IOLTA Account:
To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.
What this means to you:
When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.