INTEREST ON LAWYERS' TRUST ACCOUNT
An Interest on Lawyers' Trust Account (IOLTA, IOTA, IOLA) is an interest-bearing checking account for funds held in trust or escrow on behalf of a third party. You can waive the account’s monthly maintenance fee by maintaining a low monthly or average balance qualifier.
Benefits of an IOLTA
- Up to 150 no-charge transactions per month, including checks paid, deposits, deposited items and ACH debits and credits
- No charge for up to $5,000 in cash deposits each month
- Interest compounds daily and is credited monthly
- Monthly account service charges are netted against interest earned on the account
- Special reporting and remittance of interest to the appropriate state agency (in compliance with state statutes)
- Check Safekeeping Statement or Check Image Statement at no charge
- Unlimited packages of 50 checks at no charge from Wachovia preferred supplier
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