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LAW FIRM

Client funds

Private-bank level support for your practice

Canal Bank brings a fresh, highly personal approach, backed by a long history of stability. If your firm manages client funds, we’ll help you simplify the process and keep everything buttoned up with a team that knows the rules, knows the workflows, and knows how to keep you on the right side of compliance. We make the setup easy, the ongoing service smooth, and the details clear so that you can focus on your clients.

Elevate Your Firm's Financial Management

  • Keep client funds clearly separated, with cleaner tracking
  • Reduce admin time with digital workflows
  • Ability to directly call a dedicated support team with questions or for assistance

Solutions to Help your Business

  • Operating Checking
  • Cash Management
    • Remote Deposit Capture
    • Positive Pay
  • Business Lines of Credit
  • Wealth Management Services
Traditional Method
Canal Bank Method

Convenient Management
(Open separate accounts for each client.)

No.
(One master account, unlimited sub accounts.)

Yes.

Easy Set Up
(30+ minutes per account setup.)

No.
(Minutes to create digital sub accounts.)

Yes.

INTRODUCING

EscrowEdge

A Secure Digital Platform for Managing Client Accounts

EscrowEdge helps you manage client accounts without the back-and-forth by providing secure online access and streamlined account management.

  • Strong reporting and record keeping support
  • Dashboard and reports that can be accessed anytime
  • Online document repository for safekeeping of documents in one place

For Your Clients

  • Client Benefit Escrow Accounts with EscrowEdge
    Sub Accounting Made Simple
    Manage hundreds of client trust accounts from one master account. Easily organize sub-accounts through an online foldering system.
    • 24/7 Access: Track every penny, generate reports, and manage sub-accounts from your office or home
    • Built-in Compliance: Automated interest calculations, audit trails, and reporting that satisfies requirements.
  • IOLA accounts
  • 1031 Exchange accounts
  • Trust Services: Fiduciary management with over 190 years of community banking expertise-delivered locally, without having to call an out-of-state 1-800 number
  • Estate accounts

Manage Client Accounts
with EscrowEdge

Efficient Segregation of Client Funds

  • EscrowEdge precisely segregates client funds, crucial for clear financial demarcation
  • Reduces paperwork and eliminates tax documentation needs, streamlining account management

Simplified Account Management

  • Simplifies IOLA account management using a single account with customizable naming
  • Reduces complexity and administrative overhead while maintaining fund segregation

Automated Interest Handling for IOLAs

  • Automatically calculates and directs interest to the IOLA, ensuring compliance with regulations
  • Supports interest calculation as per state requirements through configurable workflow adjustments

Pro Bono Funding Compliance

  • Directs interest from segregated client accounts to state boards for pro bono funding
  • Manages legal obligations effortlessly, supporting community legal services without extra team effort

Advanced Reporting Capabilities

  • Automated reporting tools for downloadable reports
  • Promotes transparency in attorney-level data submission

Streamlined Onboarding Process

  • Facilitates integration of existing client funds via bulk uploads for a smooth system transition
  • Minimizes manual data entry and operational disruption, enhancing efficiency from the start

Talk with a Business Banking Specialist.

Business banking at Canal Bank. Our services work as hard as you do.

Let's Connect

Kari Guagenti

Business Relationship Manager / Vice President

NMLS #766796

5529 Main Street

Williamsville, NY 14221

Office:  716.458.3690 | Cell: 716.983.6375

[email protected]

Why Canal

Business

Personal

Wealth

Education

Support

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© 2024 Chemung Canal Trust Company. All rights reserved.
ABA Routing Transit #: 021301115
Toll-free: 800-836-3711

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