IOLTA for Attorneys
Establishing an IOLTA account
Under the IOLTA program, interest earned on lawyers’ client trust accounts is remitted by the banks directly to LSCV to fund the provision of civil legal services to individuals living in poverty. It takes about three minutes to complete the “Request to Establish an IOLTA Account” form linked below (you can also use this form to convert an existing non-interest bearing account). Once completed, submit the form to your financial institution to establish an IOLTA account. Please note that some financial institutions pay higher rates than others on IOLTA accounts. Please choose to work with institutions in our Prime Partners Program.
If you have any questions about setting up or converting to an IOLTA account, or want information about which banks pay the best rates and waive fees for IOLTA accounts, please give us a call at 804-782-9438. Answers to Frequently Asked Questions may be found in the IOLTA Guidebook linked below and may also be found on the Virginia State Bar website here.
Reporting to the Virginia State Bar
Note: Section G of the IOLTA Rule requires active members of the Virginia State Bar (VSB) to provide an “IOLTA Report” or “IOLTA Certification Report” to the VSB on a yearly basis. This requirement is fully satisfied by completion of the IOLTA Certification Report questions included as part of the VSB’s online dues payment/membership renewal process. No other separate report is required.
Other Resources
IOLTA Rule (pdf)
IOLTA Guidebook (pdf)
Request to Establish IOLTA Account Form (pdf)
Prime Partners Program
Across the Commonwealth (and the nation), IOLTA revenue is a significant source of funding for civil legal aid programs working on behalf of low-income individuals and families. For this reason, where you bank matters.
LSCV is grateful for the partnership of the financial institutions in Virginia who participate in the IOLTA program. The list below celebrates our Prime Partners who have agreed to waive fees and offer Virginia’s most competitive interest rates on IOLTA accounts. These rates translate directly to more money for legal aid programs to help Virginia residents in need of assistance.
If your IOLTA bank is not on this list, please take a moment to ask them to raise their interest rates on IOLTA accounts. It’s a simple way to improve access to justice for all Virginians.
IOLTA interest rates of at least 3.38% (75% of the Fed Funds Rate)
IOLTA interest rates from 2.93% up to 3.38% (at least 65% of the Fed Funds Rate)
Bank of Tennessee
Pinnacle Bank
IOLTA interest rates from 2.48% up to 2.93% (at least 55% of the Fed Funds Rate)
Bank of America
Bank of Charles Town
Bank of Clarke
BankUnited, N.A.
BMO Bank, N.A.
Citibank, N.A.
EagleBank
Encore Bank
Fulton Bank
JP Morgan Chase
Legacy Bank
MainStreet Bank
Manufacturers and Traders Trust Co. (M&T Bank)
Mountain Commerce Bank
PNC Bank, N.A.
Renasant Bank
Sandy Spring Bank
TD Bank, N.A.
Trustar Bank
United Bank
Rates as reported to LSCV by 2/4/2025.