Leadership Bank for IOLTA (Interest on Lawyers Trust Accounts)
Start Community Bank is honored to be designated as an eligible institution for the placement of IOLTA accounts. Because of our mission as a community development bank with a focus on delivery of bank services to neighborhoods often poorly served by institutions, we are extremely proud to be an IOLTA Leadership Bank offering a premium rate of interest. All interest earned in these accounts is automatically transferred to the Connecticut Bar Foundation; serving even more people in need of legal services and students searching for scholarships to attend law schools in Connecticut.
FEATURES OF THE ACCOUNT
For more information on Start Community Bank’s IOLTA account, or to have an account opening package sent to you, contact a business banking specialist at 877.687.1133.
Here are excerpts from the Connecticut Bar Foundation’s website with frequently asked questions about the state’s IOLTA Program:
What is IOLTA?
The Interest on Lawyers’ Trust Accounts (IOLTA) program was established by the Connecticut Legislature in 1984 to assist in the delivery of legal services to the poor. The Connecticut Bar Foundation was designated by the judges of the Superior Court as the 501©(3) organization to administer the IOLTA program. In 1989, IOLTA became a mandatory program and was amended to include scholarships for students demonstrating financial need attending law schools in Connecticut.
How do attorneys register for IOLTA?
The process of opening a new IOLTA account is simple. Lawyers should complete the IOLTA/IOTA* Enrollment Form provided by the Connecticut Bar Foundation, submit the completed form to the financial institution maintaining the IOLTA account, and send a copy to the Connecticut Bar Foundation.
Where can lawyers open IOLTA accounts?
A lawyer can open clients’ trust accounts at an eligible financial institution that: 1) meets the requirements of Rule 1.15 as determined by the Connecticut Bar Foundation; and 2) files the necessary registration with, and receives approval from, the Statewide Grievance Committee.
Which financial institutions are eligible to offer IOLTA accounts?
Lawyers must keep IOLTA accounts at banks, savings and loan associations or open-end investment companies which qualify as “Eligible Institutions.” Banks and savings and loan associations must be authorized to do business in Connecticut and their deposits must be insured by an agency of the federal government.