Prime Partner banks and credit unions voluntarily pay higher interest rates for Interest on Lawyers’ Trust Accounts (IOLTA), a method of raising money for civil legal aid and to support improvements to the justice system. Prime Partner financial institutions pay 75% of the Federal Funds Target Rate on IOLTA accounts, which is well above the eligibility requirements for banks participating in the IOLTA program.

“Many Texans face serious legal issues, such as escaping situations of domestic violence or avoiding foreclosure, and simply do not have the resources to hire an attorney,” Deborah Hankinson, chair of the board of directors for the Texas Access to Justice Foundation, said. “By paying higher interest rates on IOLTA accounts, Llano National Bank is helping ensure that low-income Texans have access to life-saving civil legal services.”

Approximately five million Texans qualify for legal aid, the second-highest number in the nation. Legal aid organizations help tens of thousands of Texas families each year, but due to a lack of resources, many continue to suffer or unsuccessfully attempt to represent themselves in the complex court system.

“Llano National Bank and its Hill Country National Bank branch locations are proud to join the Prime Partner Bank program that helps improve the lives of our friends and neighbors who need legal assistance in our communities.” JD Baker CEO/President, Llano National Bank said.

Attorneys who handle client funds are required to keep those funds in IOLTA accounts until they can be made available to a client. TAJF receives funding from the interest generated by these accounts and uses the money to distribute grants to legal aid providers throughout the state. Prime Partners are critical to increasing this funding source that is essential to helping many of Texas’ most vulnerable residents.