Interest on Lawyer Trust Accounts (IOLTA)
Lawyers and law firms can easily set up IOLTA accounts with Altoona First to help bring justice to everyone. When a client's funds are unable to secure income, their lawyer can deposit the funds in an IOLTA account.
The client (not the IOLTA program) receives the interest if the amount and time create a measurable sum. When this is not the case, the IOLTA account interest is used to fund programs that provide civil legal aid for people who otherwise could not afford it.
- Summary
- No minimum balance to earn interest
- Unlimited check writing
- Interest earned paid to PA IOLTA
- Pooled interest generates $6 million annually used for civil legal services to Pennsylvania's poor and disadvantaged
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