IOLTA (Interest on Lawyers Trust Account) Checking
- An account which generates funds from the interest on attorneys small or short term escrowed funds. The bank sends the interest to the state IOLTA fund on a monthly basis. The following fees are deducted from the interest earned:
- $100 minimum deposit required to open
- No maintenance charge
- Interest will be credited monthly and paid on the collected balance*
*Daily Balance Computation Method: We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principle in the account each day.
Accrual of Interest on Non-Cash Deposits: Interest begins to accrue no later than the business day we receive credit for the deposit of non-cash items (for example, checks).
Effect of Closing an Account: If you close your account before interest is credited, you will not receive the accrued interest.
Interest rate and annual percentage yield may change at any time.