IOLTA Checking
Here's a chance for lawyers and law firms to give something back to the communities they serve. Open an IOLTA (Interest on Lawyers Trust Account) and start earning interest on your balance. Earnings are paid to the Alabama Law Foundation to be used for those who cannot afford to pay for legal representation. Maintain a balance of $5,000 or more and you won't even pay a monthly fee. Get all the checking you need and help those less fortunate too.
- Summary
- Interest bearing account
- Tiered rate structure rewards higher balances
- Interest paid to Alabama Law Foundation
- Unlimited transactions
- $25 monthly fee waived with $5,000 balance
- Free courier services{within Huntsville/Madison Area}twice weekly
- Free night deposit
- Free online banking and bill pay
- Free courier service {within Huntsville/Madison Area} twice weekly
- $5,000 minimum deposit to open
- FDIC insured
Interest is credited at statement time and is not available for closing withdrawal. Interest will be used to offset the fees that are charged on this account. Remittance of interest will be sent to the appropriate state agency. (In compliance with state statutes.)
- 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 a 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 IOLTA.
