Interest On Lawyers Trust Accounts

Better business banking

Woodsboro Bank offers Interest On Lawyers Trust Accounts (IOLTA) to hold small dollar, short-term escrow funds. We transfer all interest earned to the Maryland Legal Services Corporation.


The features of IOLTA include:

  • Zero monthly maintenance fee with no minimum balance
  • Account access via Intuit Quicken Money Management app

two lawyers reviewing account on tablet

businessman smiling


IOLTA raises money for charitable purposes in Maryland. In particular, it provides civil legal services to impoverished communities.

When money handled by attorneys, including settlement checks and fees paid in advance, is held in a trust account, it earns interest. An IOLTA account belongs to an attorney's client and is the best way to keep their court fees and retainers separate from a business account. IOLTA account funds may not be used for operating expenses, and attorneys do not profit from the interest.

Strict rules and regulations surround IOLTA accounts and dictate how the funds should be recorded and used.

ARE YOU READY TO open a new account?

Call 301.898.4000 or contact our branch team.
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