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How does the bank benefit from participating in the IOLTA program?

April 26, 2017Bank benefit IOLTA program

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How does the bank benefit from participating in the IOLTA program?

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A. Financial institutions may cite their participation in IOLTA in their CRA reports. This IOLTA participation may be viewed as a “community service” by indirectly providing the means to legal assistance for indigent people of the community. Financial institutions may also attract new deposits by offering IOLTA accounts. Some institutions specifically note their IOLTA participation and the amount of interest turned over to the program in annual reports to their shareholders.