Who calculates the interest on the IOLTA accounts and makes the interest payments to the Board?
The financial institution in which the accounts are maintained calculates the interest, in all cases. It will forward periodically to the Board accumulations of interest along with remittance advice, reporting the amounts of interest earned in each law firm’s pooled account, the account number, and the period during which the interest accrued. The Lawyer Trust Account Board continues to work with the financial community to see that the procedures adopted are as convenient as possible for attorneys, law firms and banking institutions.
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