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IOLTA Account

Summary

Law professionals with a big heart: This one’s for you.  Provide legal services to the underprivileged and meet your fiscal obligations. An IOLTA Account works by depositing funds into an account that earns interest. Interest is accrued and when you withdraw, the earnings go with you to benefit your client. It’s FDIC-insured and only a $15 fee per quarter. 

Details:

  • Generate funds to provide civil legal services for the underprivileged
  • Held funds earn interest until they’re released
  • Interest earned is paid to Alabama Law Foundation
  • Meets legal requirements for Alabama law professionals
  • FDIC insured up to $250,000 per client with accounts at First Community Bank
  • $1,500 minimum deposit to open
  • $15 fee per quarter