WHO PAYS SERVICE CHARGES AND FEES FOR IOLTA ACCOUNTS?
Normal bank service charges are paid from the interest earned by the IOLTA accounts. Check printing charges, wire transfer fees, cashier’s checks, and overdraft costs are not considered normal service charges by IOLTA and are not paid by IOLTA. Each account holder should make arrangements with the financial institution regarding these costs. The account principal is not charged by IOLTA involvement, nor is the attorney billed for IOLTA produced expenses.
