Interest on Trust Accounts (IOTA) are for the sole use of attorneys and law firms. They collect funds that cannot practicably go towards investments. In 1981, the Florida Supreme Court established the IOTA program to provide legal assistance for the poor, improve the Administration of Justice, and grant assistance to law students. Today, these accounts create millions of dollars of beneficial funding each year.
What goes into IOTA?
At times, attorneys receive funds from clients for future use. If the amount is large, the attorney will place these funds in an interest-bearing account on behalf of the client. However, if the amount is small, it may be impractical for the attorney to establish such an account since the banking costs would exceed any generated profits. Those funds would then go into Interest on Trust Accounts.
An attorney should only place funds that are either nominal or short-term into an IOTA account. The Florida State Bar sets the rules regarding deposits, but the ultimate determination rests in the sound judgment of the individual attorney or law firm.
Opening or closing an IOTA account
Attorneys and law firms need to advise the Florida Bar Foundation upon opening or closing Interest on Trust Accounts. Furthermore, members of the Florida Bar are required to certify annually (in writing) that they are in compliance.
Achieva offers Interest on Trust Accounts
Achieva Credit Union offers IOTA with no minimum balance requirements. Additionally, the account will earn interest with zero monthly maintenance fees. This offer is available exclusively for law firms and lawyers and complies with the Florida Bar IOTA program rules. Contact 727.431.7680 to speak with a member service representative today.
Participation in the IOTA program
Achieva Credit Union is proud of its participation in the IOTA program. All and all, it’s an effective way to generate support for law-related public matters. By combining legal and financial efforts, the Interest on Trust Accounts program operates for the GOOD of the community.
