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Business Trust Accounts

Managing client funds requires specialized accounts designed to support both regulatory requirements and day-to-day operations. Citizens Independent Bank offers trust account solutions for attorneys, law firms, real estate professionals, and other organizations that hold funds on behalf of clients. 

Trust Account Solutions Designed for Professional Service Firms.

 
Whether you're managing escrow funds, client retainers, earnest money deposits, or other trust balances, CIB can help you choose an account designed to keep client funds separate while providing convenient access to banking and treasury management tools.

Interest on Lawyers Trust Accounts (IOLTA)

Interest on Lawyers Trust Accounts (IOLTA) are designed for attorneys and law firms that hold qualifying client funds in trust. These accounts help legal professionals manage client funds while meeting applicable trust account requirements.
Common Uses
  • Client retainers
  • Settlement proceeds
  • Escrow funds
  • Other client trust balances 

Real Estate Trust Accounts (RETA)

 
Real Estate Trust Accounts (RETA) are designed for businesses that hold trust funds related to real estate transactions. These accounts support the management of client and transaction funds while helping maintain separation from operating accounts.
 
Common Uses
 
  • Earnest money deposits
  • Escrow-related funds
  • Property management trust balances
  • Client transaction funds








Account Features

 

Separate Client Funds from Operating Funds

Keep client funds separate from day-to-day business accounts to support trust account management requirements.

Business Digital Banking

 

Securely access account information through:

  • Online Banking
  • Mobile Banking
  • Account Reporting
  • Transaction Monitoring
  • Cash Management Services

 

Trust accounts can be paired with:

  • ACH Services
  • Wire Transfers
  • Remote Deposit
  • Fraud Prevention Services
  • Cash Management Tools

 

Local Support

Work with experienced business bankers who understand the needs of professional service firms, attorneys, and real estate businesses.






























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  •  Law firms
  • Solo attorneys
  • Real estate brokerages
  • Property management companies
  • Escrow service providers
  • Other businesses that hold client funds

Documentation requirements vary based on your business structure and account type. Before opening an account, review the Business Account Documentation Checklist or contact a business banker for guidance.

How do I know if I need an IOLTA or RETA?

The appropriate account depends on your profession, how client funds are held, and applicable regulatory requirements. A business banker can help determine the right solution for your organization.

 

Can I access trust account information online?

Yes. Trust accounts have access to Online Banking, Mobile Banking, and reporting tools that help manage account activity.

 

Are cash management services available?

Yes. Trust accounts can be paired with ACH services, wire transfers, fraud prevention tools, and additional cash management solutions.








We provide business banking, personal banking, mortgage lending, and financial services to businesses and individuals across the western Twin Cities. Explore our local banking locations in Saint Louis Park, Robbinsdale, Hopkins, and Plymouth to find the branch most convenient for you.