C. Trust Bank Accounts
“Trust bank account” is the umbrella term that includes all of the law firm accounts at the savings institution which contain or will contain trust money.
The three types of trust bank accounts that a law firm might have and for which a trust account supervisor is responsible are:
1. a pooled trust account which is a trust bank account opened for the benefit of a number of clients;
2. a specific trust investment account which is not a pooled trust account;
3. a restricted trust account which is a specialized pooled trust bank account.
Each type of trust bank account serves a different purpose.
There is no limit to the number of each type of trust bank account that can be opened and operated by a law firm. However, the trust account supervisor must ensure that the law firm follows the Act, the Rules and the Practice Directions for every trust bank account, no matter what type is opened.