Become a Financial Partner
By providing a higher interest rate on trust accounts, Prime Partners and Benchmark Banks enable us to increase our funding to grantees and maximize our impact on equal access to justice across North Carolina.
We recognize those financial institutions that go above and beyond the IOLTA eligibility requirements in their commitment to improving access to justice in their communities. Prime Partner institutions are those that exceed minimal compliance with the eligibility requirements of Rule .1317 to support the NC IOLTA program in its mission to ensure that low-income North Carolinians have access to critically needed civil legal aid.
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Benefits of Becoming a Prime Partner
To be eligible for the benefits noted below, financial institutions must agree to pay a net yield (after any allowable service charges) of 75% of the Federal Funds target rate or 0.75% APR, whichever is higher, on all IOLTA accounts.
Contributing to the expansion of equal access to justice in communities across North Carolina
Periodic features in the NC State Bar Journal, a statewide publication distributed quarterly to all North Carolina attorneys
Your bank’s logo highlighted at the top of NC IOLTA’s list of eligible banks
Customized publicity for your bank upon request and a simplified compliance process
Active link from our website to your bank’s website
Documentation for your bank’s CRA files upon request
Become an Eligible Bank
Banks not currently on the Eligible Bank List must submit a compliance statement and required documentation and receive approval prior to opening any NC IOLTA accounts.
Once a bank has received approval and been added to the Eligible Bank List, the bank has a continuing responsibility to ensure their IOLTA product adheres to their approved Compliance Statement and the rate offered to IOLTA remains comparable as other products and rates within the bank change.
Banks on the Eligible Bank List must submit a new Compliance Statement and receive approval before making changes to their IOLTA product. For a copy of your current Compliance Statement, please contact the IOLTA office.
