Interest On Lawyers Trust Accounts
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:
Better business banking
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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.
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