IOLTA Account
Through the voluntary IOLTA (Interest on Lawyers' Trust Accounts) program, attorneys and law firms can help generate much needed funds to provide civil legal services to the impoverished—all while utilizing a convenient account that allows the attorney to aggregate multiple client funds into a single account.
This beneficial program raises millions of dollars annually without taxing the public and at no cost to lawyers or their clients.
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- Summary
- No monthly service fees
- Only $100 minimum deposit to open
- Variable interest rate on balances over $10
- Unlimited check writing privileges
- Interest earned is used to support the Massachusetts Bar Foundation, Boston Bar Foundation, and/or the Massachusetts Legal Assistance Corporation
- How It Works
Lawyers routinely hold funds for their clients. In many cases, the amounts are nominal and/or held for a short period of time. In these cases, account service fees would offset or exceed any interest earned. By depositing these funds into an IOLTA, however, they are pooled with other IOLTA deposits to generate substantial interest used to fund non-profits that provide free legal aid to low income citizens.
NOTE: If a client's funds represent a significant sum and/or the deposit will mature long enough to earn a profit on interest even after account fees are accounted for, the CLIENT will receive the interest, not the IOLTA program.
