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IOLTA - Rules & Requirements

Cadence Bank allows firms to manage IOLTA funds. Review the IOLTA rules and requirements.

IOLTA - Rules and Requirements

Cadence consulted with state bar associations to design a product attorneys could use while providing maximum funding for state associations.

Most states require attorneys to have an IOLTA account in their name. So, what is an IOLTA account?

 

IOLTAs give attorneys a way to manage funds by pooling smaller amounts of client funds intended to be held for short periods in interest-bearing accounts. The interest earned on these accounts must be sent to state IOLTA administration programs, which then use the funds to provide grants and legal aid to organizations and individuals who can benefit from the financial support.

 

But IOLTA programs are highly regulated, which can be a headache for your firm. IOLTA funds must be carefully managed to comply with bar and state regulations. That's where Cadence can help.

 

Cadence Bank allows you to manage IOLTA funds hassle-free while taking care of the disbursement of interest payments. Here's what you can expect from a Cadence IOLTA account:

 

  • It earns a competitive interest ratewith a minimum daily collected balance of $1,000

•  It comes free, with no service or transaction charges

 

•  It can be opened with any amount

 

•  It forwards interest on funds directly to the proper state legal foundation in your name, simplifying account reconciliation

 

Contact a Cadence business banker to learn more about building an IOLTA account at Cadence Bank.

 

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