Today is Juneteenth, a day which commemorates the emancipation of enslaved people in the US where on that date in 1865, in the aftermath of the Civil War, slaves were declared free under the terms of the 1862 Emancipation Proclamation.
For attorneys, law firms, and others with fiduciary responsibility of client funds who elect to participate in the IOLTA program, Provident Bank has just what you need. We’ve designed two interest-bearing accounts whose earned revenue goes to the IOLTA board to make improvements to the justice system and support low-income citizens unable to afford legal counsel.
With IOLTA Checking, you help yourself and others. Besides the legal philanthropic aid—and doing good to feel good—the benefits are numerous:
*You must be approved by the IOLTA board before your account is activated as an IOLTA Checking account. Until then, it will function as a BusinessAdvantage Checking account, which has all of the same features except interest paid to the IOLTA board.
IOLTA Escrow Account Management allows you to be in total control of funds at all times. You have one checking account for disbursement of funds which houses separate sub-accounts for each individual client or case. For control and reporting purposes, sub-accounts are never intermingled.
Ready Access to Funds: Make partial withdrawals any time by writing a check. Plus, all withdrawals and account closings can be handled by phone or fax, so you can manage your accounts when it’s convenient for you.
Flexible Sub-Account Management: With one master account and unlimited sub-accounts that are never intermingled, Provident makes managing your escrow account easy. You can open sub-accounts without notifying the bank and close accounts with a simple phone call or fax. You can also choose your own sub-account numbers (any combination of alpha and/or numeric characters) to match internal references. And the cherry on top? No maintenance or transaction fees.
Detailed Reports: Provident gives you everything you need for easy account reconciliation: a consolidated report summarizing all sub-account activity, deposit/debit registers, and automated wire transfer notifications with Federal Reserve tracking information. You’ll have 24/7 access to master and sub-account reports via our online banking service, ProvidentConnect for Business. To reduce your company’s administrative burden, we also provide year-end 1099 and IRS reporting.
Interest: Earned interest, which is compounded daily and credited monthly, is paid to your state’s IOLTA board to support legal aid for the poor and make improvements to the justice system.
Take control of your funds, reduce the headaches, and give back to the legal community with an IOLTA account from Provident. That’s a win-win situation.