Interest on Lawyers Accounts (IOLA) and Interest on Lawyers Trust Accounts (IOLTA) are checking accounts limited to attorneys and law firms. These checking accounts hold escrow funds for multiple clients. M&T manages these funds with a single interest bearing account. Interest earned, minus fees, is forwarded by M&T to state controlled IOLA and IOLTA funds. These funds are then used by the state to pay for legal services for people who are unable to afford such services and other justice related projects.
IOLA and IOLTA Accounts include:
- Interest on collected balances
- Checks Paid Summary
- Analysis statement
In addition to IOLA and IOLTA accounts, M&T offers other products and services for attorneys and law firms. For more information visit our Attorneys section and our Professional Services bundle.