IOLTA or Interest on Lawyers' Trust Account was originally developed as a method of raising money for charitable purposes, with particular emphasis on funding civil legal services for the poor.
An IOLTA Checking account is an interest bearing demand deposit account, established by lawyers for their client's funds. The IOLTA account is mandatory for all attorneys who receive client funds.
Features and Benefits
- Withdrawals can be made any time by check
- Interest is calculated daily on the collected balance
- Rates are variable and subject to change at any time
- Account is tiered, so for balances over $25,000, the interest rate will increase
A $10 monthly maintenance fee will be assessed if the interest earned on the account is greater than or equal to $10. If the interest earned on the account is less than $10, the interest earned will be taken as the maintenance fee and no interest will be remitted