How to Open an IOLTA Account
If an attorney determines that he or she must maintain an IOLTA account, the following steps should be taken to open the account:
1. The attorney must place IOLTA accounts at eligible financial institutions—those that pay on IOLTA interest rates comparable to rates paid to similarly situated, non-IOLTA customers. For more information, visit the Choose a Bank/Credit Union section.
2. Attorneys may not open IOLTA accounts at non-participating institutions. Non-participating institutions may email for a bank code and packet of instructions and forms to begin the eligibility process.
3. The attorney must open an interest-bearing IOLTA account in his or her or the law firm’s name and with the Texas Access to Justice Foundation’s tax identification number. The Foundation will pay reasonable service charges on the IOLTA account. However, the Foundation does not pay for checks, wire transfers or other business expenses associated with the account.
4. The attorney and financial institution must complete the IOLTA Notice to Financial Institution form at the bank and return it to the Texas Access to Justice Foundation via fax at 512.469.0112, or mail to P.O. Box 12886, Austin, Texas 78711-2886.
For more information on how to open an IOLTA account, please
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