A financial institution may deduct only allowable reasonable fees from the interest earned on each IOLTA account, and only if the financial institution assesses those fees on comparable bank
accounts maintained by non-IOLTA depositors. This requirement is established in Rule of Professional Conduct 1.15 (f)(5) and (j)(8).
Allowable fees are limited to:
• per-check charges;
• per-deposit charges;
• fee in lieu of a minimum balance;
• federal deposit insurance fees;
• automated investment (“sweep”) fees; and
• a reasonable maintenance fee, only if those fees are charged on comparable bank accounts maintained by non-IOLTA depositors.
The lawyer or law firm that owns the account is responsible for all other fees, including those for check-printing, wire transfers, non-sufficient funds charges, charge backs, and other handling
and convenience fees. Click hear to view a Summary of Allowable Fees on IOLTA Accounts.