Grand Bank’s Funds Management Account is designed to allow attorneys, surrogate’s officers, and realtors to maintain multiple client accounts within one trust or escrow account. The account complies with all the record keeping requirements of the Office of the Attorney Ethics and the Real Estate Commission Board.
- Client accounts can be either interest bearing or non-interest bearing
- Each client’s funds insured up to $250,000 by the Federal Deposit Insurance Corporation (FDIC)
- Separate bookkeeping for each client and monthly statement provided for each client’s transactions
- No monthly service charge on the attorney trust or realtor escrow account
- IRS 1099 forms generated by the bank for each client account if necessary
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.
A non-interest bearing attorney trust account will be opened. Attorney will contact the IOLTA fund to obtain necessary forms.
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.
To learn more about the IOLTA Program contact a branch representative.