Trust Accounts
An IOLTA account is an interest-bearing checking account that an attorney or law firm maintains for client funds nominal in amount or held for a short period of time. The account is a demand account established in the name of the attorney or law firm. The account is often referred to as a client trust account. In the Rules Governing the Operation of the Texas Access to Justice Foundation, Rule 4 states: Deposit of Certain Client Funds.
There are many factors that should be considered in determining whether an attorney needs an IOLTA account. For more information, visit the Do You Need an IOLTA Account section. The Supreme Court of Texas has amended the IOLTA rules requiring Texas attorneys to place IOLTA accounts at eligible financial institutions. If your financial institution currently holds IOLTA accounts, and you would like to learn more about becoming eligible, visit the Become an Eligible Financial Institution section for more information.
If your institution does not currently hold IOLTA accounts, please
email or call 512.320.0099, ext. 108, before opening IOLTA accounts.
You must acquire a bank code and a packet of instructions and forms from the Foundation
before qualifying for the eligibility process. |
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