Interest on Lawyers Trust Accounts (IOLTA) Checking
Interest on Lawyers Trust Accounts (IOLTAs) are checking accounts limited to attorneys and law firms. These checking accounts hold escrow funds for multiple clients. Funds are managed with a single interest bearing account. Interest earned, minus fees, is forwarded from The Palmetto Bank to the South Carolina Bar Foundation. These funds are then used by the South Carolina Bar Foundation to pay for legal services for people who are unable to afford such services and other justice-related projects. More information about IOLTAs can be found by clicking here.
In addition to offering IOLTAs for attorney escrow funds, there are a number of advantages for both you and your firm when you bank with The Palmetto Bank. Learn more by visiting the Professional Services section within Industry Solutions.