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:
- 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.
- Has no monthly service charges.
- Has no fees for incoming or outgoing wires.
- Has no fees for check printing.
- Mails your monthly statement showing all transactions along with reproduced images of all checks written.
- Sends a report outlining the amount paid, the rate of interest applied, and the method by which it was computed to the IOLTA Committee each quarter.
To learn more or open an account:
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."