IOLTA - Interest On Lawyer's Trust Account
An account to fulfill the requirement for attorneys and law firms to comply with the comprehensive IOLTA Program effective July 1, 1989. Under this program, client funds which are nominal in amount or held for a short time must be placed in an interest-bearing trust account with the interest earned paid to the Texas Access to Justice Foundation.
- Interest is reported & remitted to the Foundation
- No minimum balance or transaction fees
- Minimum average daily balance of $2,500 required to accrue interest