IOLTA Checking
IOLTA Checking Accounts
An Interest on Lawyers Trust Account (IOLTA) is an interest-earning trust account that is specifically used to hold money belonging to an attorney’s clients. An IOLTA account is specifically designed for attorneys to hold client funds keeping them separate from any other business funds. Typical uses of an IOLTA account are for retainers, settlements, or court fees. The interest earned on these accounts is used to fund legal services for low-income individuals and families. This program ensures that even small amounts of client funds can provide access to justice for those who otherwise wouldn't be able to afford it.
Why Choose UniBank for IOLTA Checking?
UniBank is proud to be one of 25 IOLTA Leadership Institutions in Massachusetts and one of 4 Honor Roll Institutions in Rhode Island. As an IOLTA Leadership Institution, UniBank helps attorneys maximize the benefit of their IOLTA dollars. UniBank is committed to paying higher rates of return on IOLTA accounts to ensure legal aid for underserved residents and communities. As a Leadership and Honor Roll Institution, we go above and beyond to support IOLTA programs in their mission to deliver essential legal services.
Benefits of UniBank IOLTA Checking Accounts
- Interest Bearing Account: Earn competitive interest rates on your IOLTA checking account funds.
- Regulation Compliance: Conforms to attorney IOLTA regulations in MA and RI.
- No Monthly Fees: Enjoy the advantage of zero monthly maintenance fees.
- No Minimum Balance Requirements: Flexibility to manage your IOLTA checking account without balance constraints.
- Business Online Banking: Convenient online banking options tailored for your practice.
What is an IOLTA Account?
An IOLTA account is a type of checking account specifically designed for attorneys to hold client funds keeping them separate from any other business funds. Typical uses of an IOLTA account are for retainers, settlements, or court fees. The interest earned on these accounts is used to fund legal services for low-income individuals and families. This program ensures that even small amounts of client funds can provide access to justice for those who otherwise wouldn't be able to afford it.