IOLTA (Interest on Lawyers' Trust Account)
Interest-Bearing Attorney Trust Checking Accounts
IOLTA checking accounts are available for attorneys and law firms who maintain funds held in trust or escrow on behalf of a third party.
With an IOLTA checking account, funds are pooled into a single, interest-bearing account. Any interest earned on an account is forwarded by NJM Bank to the state IOLTA board to fund legal expenses for those who are unable to afford legal services.
IOLTA Benefits:- No minimum balance and no monthly maintenance fee
- Unlimited monthly activity
- Detailed monthly statement
- Interest earned on all balances
*E-mail us or call Susan Gummel, Assistant Vice President, Business Development Administration, toll-free at 1-877-NJM-BANK (1-877-656-2265) extension 3703 for more information.
*Please do not send account or sensitive personal information to this address; it is not a secure method of exchanging information.
