Eligible Banks
Lawyers may keep NC IOLTA accounts only in eligible banks, which have agreed to comply with the rules governing NC IOLTA set forth at 27 NCAC 1D, Sections .1316 and .1317.
Eligible banks have agreed to pay IOLTA accounts the highest rate available to that bank’s other customers when the IOLTA accounts meet the same minimum balance or other account qualifications. Banks are certified as eligible by NC IOLTA upon a finding that they are in compliance with that rule. Many banks waive service charges on IOLTA accounts that could be assessed against the IOLTA interest.
Prime Partner Banks and Benchmark Banks go above and beyond the eligibility requirements of the IOLTA rule to support the NC IOLTA program in its mission to ensure that low-income North Carolinians have access to critically needed legal aid.
Related Pages
Prime Partner Banks
Pay the higher of 75% of the Federal Funds Rate or 0.75%
Benchmark Banks
Pay the higher of 65% of the Federal Funds Rate or 0.65%
About the Eligible Banks List
Prime Partner Banks
Benchmark Banks
Other Eligible Banks
Settlement Agent Accounts
In addition to the North Carolina banks listed, settlement agent accounts may be maintained at banks that do not have a branch in NC. Settlement Agent Accounts are defined as accounts maintained by settlement agents that are not associated with an attorney licensed in North Carolina. This allowance is only for settlement agents.