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Are IOLTA accounts subject to service charges? Who pays the services charges?

April 26, 2017accounts Charges IOLTA pays service Services Subject

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Are IOLTA accounts subject to service charges? Who pays the services charges?

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If the financial institution assesses service charges and fees on the IOLTA account, they should be reasonable and customary. Certain reasonable fees as defined in the Rule may only be deducted from interest or dividends that are earned on IOLTA accounts; they may not be deducted from the IOLTA principal. All other fees and service charges are the responsibility of the attorney or law firm maintaining the account. The financial institution may choose to waive any and all fees on an IOLTA account.