| If you are a lawyer or title company, then these products and services
are designed to meet your specific needs. IOLTA (Interest on Lawyers Trust Accounts) is
a program to fund legal services for Ohio indigent that otherwise
could not afford legal services. It is funded primarily from interest
earned on client trust accounts which lawyers hold at Ohio institutions.
Under this program, Ohio financial institutions are required to pay interest on these client trust accounts to the legal aid fund held by the state treasurer and distributed throughout the state via poverty population formula to Ohio's legal aid societies. The interest on these accounts is remitted
by the financial institution, along with a written report, to the
foundation either monthly or quarterly. The lawyers or law firm
in whose name the accounts are held remain primarily responsible
for fees and service charges, as well as accounting for the cash
flow in a manner that meets their professional ethical standards.
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Permits deposits
at any time. |
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Meets state requirement. |
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Checks may be written at
any time. |
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Free check safekeeping. |
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Statements returned monthly. |
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Can pool client's funds into
one account. |
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Tiered rate structured. |
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Easy access. |
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Automatic monthly transfer
of interest to the state. |
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Keeps client's funds safe
and insured. |
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FDIC Insured. |
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Allows easy recordkeeping. |
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Equal Housing Lender.