"Interest on Lawyers' Trust Accounts", or IOLTA, is a court mandated program requiring the establishment of interest-bearing accounts or client deposits held by lawyers or law firms.
The Cape Cod Five IOLTA Account:
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Pays a rate at least equal to the Committee's "Safe Harbor" rate. The "Safe Harbor" rate is set monthly at 55% of the Federal Funds rate published in the Wall Street Journal.
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Has no monthly service charges.
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Has no fees for incoming or outgoing wires.
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Has no fees for check printing.
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Mails your monthly statement showing all transactions along with reproduced images of all checks written.
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Sends a report outlining the amount paid, the rate of interest applied an the method by which it was computed to the IOLTA Committee each quarter.
**Cape Cod Five is approved as a certified financial institution, and recognized by the Massachusetts IOLTA Committee as a "Leadership Bank" for IOLTA deposits. This recognition was given based on the Bank's "Exceptional IOLTA Policies."
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