Interest on Lawyer Trust Account (IOLTA)

Lawyer Trust Accounts

Dividends will be paid to the IOLTA account on a monthly basis and remitted to the State Bar of New Mexico on a periodic basis, the administrator of IOLTA. The State Bar of New Mexico will distribute the dividends collected to programs that provide legal services to those who do not have the means to pay for such services, public law-related education, or improvements in the administration of justice.

Features of U.S. Eagle’s IOLTA Program:

  • 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.

Specializing in Serving Attorneys and Law Firms

For more information about IOLTAs or other products and services that benefit Attorneys and Law Firms, call 342-8888, or come in to any of our branch offices.