Leader Bank is pleased to participate in the Massachusetts IOLTA (Interest on Lawyers'
Trust Accounts) program.
Our IOLTA program enables lawyers and law firms to establish interest-bearing accounts
for client deposits which are nominal in amount or expected to be short term.
Some examples of the types of funds in IOLTA accounts are real estate deposits and
closings, personal injury awards, and litigation settlements.
We remit all interest generated from client accounts to the Massachusetts IOLTA
Committee where it is further distributed into three charitable entities: The Boston
Bar Foundation, The Massachusetts Bar Foundation and The Massachusetts Legal Assistance
Corporation. These organizations then make the funds available to individuals in
need of various legal services.
"Interest on Lawyers' Trust Accounts", or IOLTA, is a court-mandated program requiring
the establishment of interest-bearing accounts for client deposits held by the lawyers
or law firms, and which are nominal in amount or expected to be short-term.
- Interest bearing account.
- Interest income is transmitted monthly.
- No monthly service charge or per check fees.