Attorney Trust Account (IOLTA)
The State of New Jersey sets very specific requirements for attorneys who hold their client’s funds. First, client’s monies held by an attorney must be deposited in an Attorney Trust Account, separate from the attorney’s operating funds. Second, if the client’s funds are not deposited to a specific interest bearing account, interest on these trust funds must be paid to the State of New Jersey IOLTA FUND. The interest collected is distributed to charities assisting the legal needs of the public. This law called IOLTA (interest on lawyer’s trust accounts) mandates the responsibilities of banks in handling IOLTA funds.

Features:
This is an FDIC insured deposit. It is available to attorneys holding client’s monies. Interest is computed on the monies in this account at the passbook savings rate. This account meets the attorney’s IOLTA reporting requirements. Deposits or withdrawals can be made at any time. All deposits are subject to collection before withdrawal. The depositor receives a statement and all paid checks, monthly. Free Telephone Banking is available for this account. Reporting and interest payment is made to the State of New Jersey quarterly.

Rates:
Interest is paid at the passbook savings rate. There are no other fees for this account.