Bidgeview Bank IOLTA checking accounts are limited to attorneys and law firms that maintain escrow funds for multiple clients. An IOLTA checking account pools the funds into a single, interest bearing account. Interest earned, less any allowable reasonable service fees, is forwarded by Bridgeview Bank Group to the Lawyers Trust Fund of Illinois to fund legal expenses for those who are unable to afford legal services, and other justice related projects of the board.
WHY AN IOLTA
Bridgeview IOLTAs are an easy way for lawyers to hold funds in a trust or escrow account for their clients. If you are an attorney who handles nominal or short-term client funds that cannot earn interest for that client in excess of the costs incurred to collect the interest, Bridgeview Bank assists you with pooling the money into an interest bearing account and distributing the interest to the Lawyers Trust Fund of Illinois.
- Meet certain State and Supreme Court compliance requirements
- More effectively manage client funds
- No minimum balance and no monthly maintenance fee
- Enjoy convenient online banking access and free checks
- Unlimited monthly transactions
- Detailed monthly statement
- Interest earned on the entire account balance
- Earn competitive interest distributed each month to the Lawyers Trust Fund of Illinois
- Make a positive impact in the community
According to the American Bar Association, IOLTA programs have helped fund numerous programs that have had a positive impact on the delivery of legal services to the poor, including loan repayment assistance programs, legal assistance hotlines, victim services programs, minority lawyer recruitment initiatives, and law school scholarship programs.
To learn more about IOLTAs, stop by any of our Chicagoland locations and a Personal Banker will be happy to assist you. You may also contact our Customer Care Center at email@example.com or by calling 800-794-2070.