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IOLTA - Interest on Lawyer Trust Account

Accounts for all situations

An IOLTA account is a pooled, interest-bearing, demand deposit account used by lawyers to hold client funds.  In New Mexico, the dividend earned on IOLTA accounts is remitted to the State Bar of New Mexico and provides an important source of funding for civil legal assistance to the poor, legal education, and improvements to the administration of justice in New Mexico. 

Features of U.S. Eagle’s IOLTA Checking Product:

  • An IOLTA account may be opened without an initial balance
  • Free box of checks (quantity 50) and three sheets of starter checks
  • Zero monthly service charges (account will be subject to all other applicable account fees)
  • Free online/bill pay/mobile banking access for the account

Requirements:

  • The account must be established in the name of the attorney or law firm opening the account and indicate that it is an IOLTA account.
  • Attorney or Law firm must present a signed “Attorney Notice to Eligible Financial Institutions” agreement acknowledging that the dividends paid to the account will be remitted to the State Bar of New Mexico on a periodic basis.
  • Attorney must provide Bar Association Card.

Important Notes:

  • An Overdraft notification is required of the credit union to the Disciplinary Board of the State Bar of New Mexico whenever an item is presented against insufficient funds, whether or not the item is paid.
  • An Overdraft report to the Disciplinary Board of the State Bar of New Mexico is required of the credit union in the case of a dishonored instrument or any other overdraft situation.
  • The account is not protected from incurring Overdraft or NSF fees.

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