How much of my time and money does maintaining an IOLTA account involve?
A. Very little time and no money. The mechanics of establishing an IOLTA account are simple and, once it is done, no further time or effort by the attorney is required unless the attorney changes banks. After the lawyer completes the one-page form, the IOLTA staff handles all the paperwork with the bank. Any changes or fees associated specifically with having an IOLTA account are paid by the IOLTA Foundation. Lawyers pay for check printing and fees not specifically related to having an IOLTA account, such as wire transfers and check overdraft charges.
