IOLTA
Grand Bank is here to serve your unique business needs.
What is the IOLTA Program?
IOLTA (Interest on Lawyer Trust Accounts) is a program created by a Court Rule established by the New Jersey Supreme Court. It was designed to provide funding for civil legal services to the poor, projects to improve the administration of justice, and law-related education for lay persons.
Are you an attorney who wants to open an IOLTA account? It is as easy as 1-2-3!
- First, Grand Bank will open a non-interest bearing attorney trust account. Attorney will contact IOLTA fund to obtain necessary forms.
- Next, IOLTA forms are completed by attorney and returned to the IOLTA fund.
- Lastly, if the fund determines that the account should be interest bearing, the participation form is sent to Grand Bank with a cover letter authorizing use of IOLTA tax I.D.
No minimum balance required.
Please call our branch manager at 609-514-3900 for more information!
Deposits insured up to $250,000 by the FDIC. Coverage limit applies per depositor for each account ownership category.
NOTICE OF CHANGES IN TEMPORARY FDIC INSURANCE
COVERAGE FOR TRANSACTION ACCOUNTS
All funds in a "noninterest-bearing transaction account" are insured in full by the Federal Deposit Insurance Corporation from December 31, 2010, through December 31, 2012. This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to depositors under the FDIC's general deposit insurance rules.
The term "noninterest-bearing transaction account" includes a traditional checking account or demand deposit account on which the insured depository institution pays no interest. It also includes Interest on Lawyers Trust Accounts ("IOLTAs"). It does not include other accounts, such as traditional checking or demand deposit accounts that may earn interest, NOW accounts and money-market deposit accounts.
For more information about temporary FDIC insurance coverage of transaction accounts, visit www.fdic.gov.
