IOLA (Interest on Lawyer Accounts) and
IOLTA (Interest on Lawyer Trust Accounts)
IOLA is available in New York, Pennsylvania, Florida and California.
IOLTA account is available only in New Jersey.
IOLA and IOLTA accounts are available exclusively to attorneys and law firms to deposit clients' funds. With this escrow account, there is no minimum balance requirement and no monthly fee.
Safety and convenience in one escrow deposit account.
- Competitive interest rates
- Detailed monthly statements
- Service charges deducted from the interest, no depletion of principal
- Automatic transfer of accrued interest to State Funds
- Track your clients' funds through business internet banking
- Generate IRS form 1099-INT for sub accounts
- Speak with a Relationship Manager at your local branch about opening an IOLA/IOLTA account for your firm.