IOLTA: Interest On Lawyer's Trust Account
Interest On Lawyer's Trust Accounts (IOLTAs) are designed for attorneys and law practices, with interest paid directly to the Texas Access to Justice Foundation on a monthly basis.
An IOLTA fulfills the requirement for attorneys and law firms to comply with the comprehensive IOLTA Program effective July 1, 1989. Under this program, client funds that 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.
- No minimum balance or transaction fees
- Minimum average daily balance of $2,500 required to accrue interest