FDIC-Insured - Backed by the full faith and credit of the U.S. Government
FDIC-Insured - Backed by the full faith and credit of the U.S. Government
IOLTA Accounts
Provident’s IOLTA accounts are designed to support attorneys, law firms, and fiduciaries who participate in the Interest on Lawyers Trust Accounts (IOLTA) program. These specialized, interest bearing accounts help you manage client funds responsibly, while earned interest is automatically directed to your state’s IOLTA board.
Account Highlights
IOLTA Escrow Account Management
IOLTA Escrow Account Management gives you complete control over client funds with a structured, transparent account setup. A single master disbursement account supports separate sub‑accounts for each individual client or case, ensuring funds are never intermingled. This approach provides clear oversight, accurate reporting, and confidence that client funds are managed properly at every stage.
Your ESCROW Account Management Includes:
- Convenient Access to Funds
Access client funds when you need them with flexible withdrawal options. Make partial withdrawals by check, and handle withdrawals or account closings by phone or fax—so managing escrow accounts fits your schedule. - Flexible, Non‑Commingled Sub‑Accounts
Simplify escrow management with one master account and unlimited sub‑accounts for individual clients or cases. Sub‑accounts are never intermingled, helping maintain compliance and clear recordkeeping. Open or close sub‑accounts easily, customize sub‑account numbering to match your internal references, and enjoy no maintenance or transaction fees.
- Detailed Reporting & Reconciliation
Stay organized with comprehensive reporting tools that support accurate reconciliation. Receive consolidated summaries of all sub‑account activity, deposit and debit registers, and automated wire notifications with Federal Reserve tracking. Access master and sub‑account reports 24/7 through ProvidentConnect for Business, along with year‑end 1099 and IRS reporting to reduce administrative workload. - Interest That Supports Access to Justice
Interest earned on IOLTA escrow balances is compounded daily and credited monthly, then automatically remitted to your state’s IOLTA board, helping fund legal aid programs and support improvements to the justice system.
Everyday Tools for IOLTA Accounts
ProvidentConnect for Business
Securely manage your accounts with ease through ProvidentConnect for Business Online Banking.
Mobile Banking for Business
Bank anywhere, anytime with our mobile app. Enjoy secure, convenient access to your business accounts.
Provident Business Debit Mastercard®
Designed to make everyday business spending simple, secure, and efficient giving you convenient access to your business funds for purchases and payments.
Treasury Management
Run your business more efficiently, more profitably, and with more cash flow management control.
Frequently Asked Questions
What is an IOLTA account?
An IOLTA (Interest on Lawyers’ Trust Accounts) account is designed for attorneys and law firms to hold client funds that are nominal in amount or expected to be held for a short period of time. Interest earned on these funds is remitted to the appropriate IOLTA program, in accordance with applicable state rules.
Who should use an IOLTA account?
IOLTA accounts are intended for attorneys or law firms required by state regulations to hold client funds in trust. These accounts help support proper handling, safeguarding, and accounting of client funds while meeting ethical and regulatory obligations.
Disclosures
[1] Compounded daily and credited monthly. Earned interest is paid to your state’s IOLTA board on your behalf.
Go Back
111 Wood Avenue South
Suite 200
Iselin, NJ 08830Mailing Address
P.O. Box 1001
Iselin, NJ 08830-1001
