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Do You Need an IOLTA Account?
Issues that determine whether an account will generate net interest are:
- Interest rate paid on the account
- Amount of service fees charged on the account*
- Minimum balance requirements on the account
- Average daily balance in the account
While there are many factors that should be considered in determining whether an
attorney needs an IOLTA account, the following IOLTA Check-off list may serve as
a guide.
IOLTA Check-off:
- __Yes __No. The attorney handles client funds that are nominal or will be held for
a short period of time.
If the answer is no, the attorney does NOT need an IOLTA account. If the answer
is yes, continue with the following questions.
- __Yes __No. At the maximum, the client funds that the attorney handles are sufficient
to generate net interest when pooled with other client funds, but could not generate
sufficient interest for a single client.**
- __Yes __No. At the minimum, the client funds that the attorney handles are sufficient
to offset service charges or other fees associated with the account.
If the attorney answers Yes to each of these questions, he or she must maintain
an IOLTA account. For instructions related to opening an IOLTA account,
click here.
** For more information about the financial considerations of maintaining separate
client accounts, click here.
* Service charges on IOLTA accounts are billed directly to, and are paid by, the
Texas Access to Justice Foundation and may not appear on attorneys’ bank statements.
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