Did you know your banking choices can help improve access to justice in Michigan? The Interest on Lawyer Trust Account (IOLTA) program serves as a crucial source of funding for civil legal aid organizations throughout the state.
Interest rates paid on IOLTA accounts vary between .01% and 1%, with most financial institutions waiving all fees. Please inquire about the interest rate being paid on your IOLTA account, just like you would when opening a personal or business account.
Through its Leadership Bank program, the Michigan State Bar Foundation, which administers Michigan’s IOLTA program, recognizes financial partners that pay significantly more interest than others on IOLTA accounts. If every Michigan lawyer who holds an IOLTA account chose a Leadership Bank, based on current rates, it would mean an annual increase of approximately $1.8 million to provide free civil legal aid to people in need throughout the state.
More information, including names of Leadership Banks, can be found here.