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What Can an IOLTA Do for You and Your Client?
An Interest on Lawyers Trust Account, or IOLTA, is a type of trust account lawyers can use to hold client funds separately from their own funds. These funds are treated as if the client deposited them themselves, and each of those clients are insured by the NCUA for up to $250,000.
While the funds are in the account, the account earns dividends that are remitted directly to the Pennsylvania and New Jersey state bar associations, who then use the funds to provide free legal services to underprivileged communities in PA and NJ. The grants may assist individuals who are unable to advocate for themselves with matters such as family law, housing disputes, employment disputes, and health insurance claims.
Along with legal services, dividends from IOLTAs are also used to promote public understanding of the law, through educational programs for students, seniors, educators, and legal professionals.
FAQs
What is an Interest on Lawyers Trust Account (IOLTA)?
An Interest on Lawyers Trust Account is an interest-earning trust account used by attorneys to hold money belonging to their clients. This keeps the client's money separate from the attorney's business accounts.
Is There a Minimum Balance Required to Open an IOLTA?
An IOLTA account requires a minimum balance of $25.
Who can Open an IOLTA?
Interest on Lawyers Trust Accounts are available to attorneys licensed in the State of Pennsylvania and New Jersey.
Do IOLTA accounts earn dividends?
IOLTA accounts do earn dividends. The funds are remitted directly to the state bar foundation to provide free legal services to the poor.
What protections do IOLTA accounts have?
American Heritage IOLTA accounts are insured by the NCUA. The funds are insured to the client as if the funds were deposited directly by the owner. Each client is covered for up to $250,000.
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Annual Percentage Yield (APY) for balances $0.01 and greater. Only available to attorneys licensed in the States of Pennsylvania and New Jersey. Not a member? Join today.