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Depository Services for Fiduciaries

UST-approved Depository Services for Fiduciaries

Chapter 7 Bankruptcy Estates, Liquidating and Operating Chapter 11s,
Receiverships, Debtor-In-Possession and ABCs

Fully Integrated with BMS CaseLink and TrustWorks Software Platforms
Secure, Insured & Collateralized Deposits. Flexible Terms.

United Bank offers bankruptcy trustees, companies and financial advisors specialized banking services tailored specifically for fiduciary professionals.

Compare our services and see how you can benefit from opening your accounts through BMS, our fiduciary technology partner, and banking with United Bank:

Account Highlights Corporate Restructuring Chapter 7
No Term Lock All funds deposited into your account remain liquid and, dependent on balances, receive high- yield interest rates without locking into a term. Plus, rates are subject to increases, but not decreases. All funds deposited into your account remain liquid for immediate access.
EXPEDITED ACCOUNT OPENINGS Through the use of master signature cards, accounts for existing cases can be opened within minutes through the TrustWorks software by BMS once initial account opening documents have been approved. Accounts for subsequent new cases may be opened upon fulfilling KYC requirements. Through the use of master signature cards, accounts for all Chapter 7 cases can be opened within minutes through the CaseLink software by BMS once initial account opening documents have been approved.
Deposits Electronic wire transfers are the fastest and most convenient way to deposit money. Check deposits may be sent to United Bank via pre­paid overnight UPS courier service. Remote check deposit is available for high-volume depositors. Check deposits may be sent to United Bank via pre-paid overnight UPS courier service. Remote check deposit is available for high-volume depositors. You may also make deposits in person at any United Bank branch.
Online Wire Transfers Send outgoing wire transfers through Online Banking. Simply log into the secure portal with your credentials and provide the necessary information to send out your wire. No wire verification call backs required. Send outgoing wire transfers through Online Banking. Simply log into the secure portal with your credentials and provide the necessary information to send out your wire. No wire verification call backs required.
Withdrawals Electronic wire transfers are the fastest and most convenient way to withdraw money. You can also write checks for distribution within the BMS software. Create distributions and write checks through the BMS software. All check images are also accessible from within the BMS software as well.
No Limits on Deposits & Withdrawals Make deposits and withdrawals at any time. Make deposits and withdrawals at any time within Chapter 7 Handbook guidelines.
Software to Manage Bank Transactions Securely manage your accounts anywhere, anytime with online access to balances, transactions, and statements.

Bonus:TrustWorks Case Administration Software

Efficiently manage documents and other fiduciary accounting and administration tasks with features such as the ability to: view cleared checks, open additional accounts within minutes, create reserve accounts, and send and receive wire transfers.

Plus, take advantage of additional specialized features in the event that liquidation is required.

Convenient, time­saving, and free.
United Bank integrates with the leading case administration software provider for Chapter 7 trustees in the country – BMS.

Bonus: CaseLink Case Administration Software for Chapter 7 Bankruptcy Trustees

The CaseLink software platform by BMS provides Chapter 7 Trustees with the ability to manage the entire case life cycle in a streamlined, efficient manner.

Our deep integration with CaseLink allows you to create deposits, write checks or even review statements all from within the software.

Plus:
Receive all court documents and case assignments directly into the software via ECF, including the scraping of all relevant data into appropriate fields within the software.

Prepare for and conduct 341(a) meetings and file results with the court.

Manage all case correspondence and documents through a robust document management system.

Keep track of each asset and associated funds.
Bank Statements Electronic monthly bank statements are automatically delivered into your BMS TrustWorks software for easy access. Electronic monthly bank statements are automatically delivered into your BMS CaseLink software.

Plus, through the MyResources BMS Client Portal, request Interim Bank Statements at any time.

In addition, statements are also placed on the BMS Vault for direct access by UST personnel.
Integrated TIN Requests & W9 E-Signing We offer e-signing capabilities for any W-9s required for new accounts. Request TINs for new estates easily through the BMS CaseLink software. Once a TIN is assigned, we offer e-signing capabilities for any W-9s required for new accounts.

The BMS Banking Center

Access our concierge banking team with specialized expertise in the requirements and rules of bankruptcy and restructuring engagements through the BMS Banking Center. Available via phone at 800-634-7734 from 8:00 am to 7:30 pm ET, Monday through Friday.

About United Bank

United Bank is a part of the holding company, United Financial Bancorp, Inc. United Bank is a full-service financial services firm offering a complete line of commercial, business, and consumer banking products and services to customers throughout Connecticut and Massachusetts. United Bank is a leading New England bank with more than 50 branches in two states and several commercial and residential loan production offices. United Financial Bancorp, Inc. trades on the NASDAQ Global Select Stock Exchange under the ticker symbol “UBNK”.

  • Headquarters: Hartford, CT
  • Total Assets: $7.2 Billion
  • Rating: Bauer Financial: 5 Stars
  • FDIC-Insured and Collateralized: The FDIC insures deposit accounts up to applicable limits, which is currently $250,000 per depositor. All funds subject to bankruptcy are collateralized in excess of the FDIC limit.
  • UST-Approved: United Bank is fully compliant with all EOUST requirements, and is an approved depository for all UST districts nationwide.