The Interest on Lawyers Trust Accounts (IOLTA) Program is mandatory for all lawyers who receive or maintain client or third-party funds and is an innovative way to increase access to justice and to help the community. Financial institutions play a significant role in the success of the IOLTA program. The amount of funding generated through IOLTA each year is dependent upon several factors, including interest rates and bank service fees.
The Banking on Justice Campaign seeks to maximize the impact that financial institutions can have on civil legal aid in Michigan.
Resources and Forms:
- Eligible financial institutions should use our remittance portal to upload their remittance reports or other documents. After selecting the Secure Remittance Portal, enter your password to access the Remittance Upload System and then follow the instructions to upload your file.
- The Michigan Financial Institutions IOLTA Handbook provides guidance for financial institutions in administering the IOLTA program.
- The Notice to Eligible Financial Institution (fillable) or Notice to Eligible Financial Institution Form (non-fillable) form is used by financial institutions to set up IOLTA accounts. Instructions for completion and submission are on the form.
- We currently have a number of banks that waive fees. Please see the list of IOLTA Eligible Financial Institutions that waive all fees on IOLTA accounts.
- Financial Institutions should complete the MSBF Interest Rate Certification Form when required to do so, or when previously certified information becomes inaccurate.
For more information or for questions regarding IOLTA or the Banking on Justice Campaign, email iolta@msbf.org or call the Foundation at 517-346-6403.
