IOLTA Checking
(Interest on Lawyer Trust Accounts)
Overview – This account allows interest to be earned on a lawyer’s trust account, and that interest then assists the state in paying for pro-bono legal fees. A new accounts representative should be consulted to find out if your account will qualify. Account holders other than attorneys will not qualify.
Minimum balance to open the account – $2,500 minimum balance to open.
Rate Information – The interest rate and annual percentage yield may change on the account at any time and at our discretion.
The tier balances are as follows:
• Tier 1 –$ 100 to $ 9,999.99
• Tier 2 –$ 10,000 to $24,999.99
• Tier 3 –$ 25,000 to $49,999.99
• Tier 4 –$ 50,000 to $99,999.99
• Tier 5 –$100,000 or greater
Compounding and crediting frequency – Interest will be compounded and credited to the account every month.
Effect of closing an account – If the account is closed before the interest is credited, you will not receive the accrued interest.
Minimum balance to open to avoid imposition of fees – A service charge fee of $10 will be imposed every statement cycle if the balance in the account falls below $100 any day of the cycle.
Minimum balance to obtain annual percentage yield disclosed – A minimum balance of $100 must be maintained in the account each day to obtain the disclosed annual percentage yield.
Daily balance computation method – We use the daily balance method to calculate the interest on the account. This method applies a daily periodic rate to the principal in the account each day.
Accrual of interest on non-cash deposits – Interest begins to accrue on the first business day after the banking day the non-cash items were deposited (for example, checks).
Other features - Unlimited check writing privileges; checks may be ordered from Deluxe Check Printers at the bank at the customer’s expense. Debit/ATM card, Internet Banking with option of Bill-Pay service.
