NC IOLTA Eligible Bank List
After July 1, 2010, lawyers may keep NC IOLTA accounts only in eligible banks.
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 the rule.
Prime Partner Banks are those that 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. The Prime Partner rate is a net yield of 75% of the Federal Funds target rate. These banks are displayed prominently on the first page of the Eligible Bank List. For information about being a Prime Partner Bank, email Claire Mills at IOLTA or call 919-828-0477.
Encourage your bank to become a NC IOLTA Prime Partner Bank
Benchmark Banks pay 65% of the Federal Funds Target rate and are noted in bold on the Eligible Bank List. Banks noted with an asterisk * waive allowable service charges for IOLTA accounts.
In addition to the North Carolina banks listed, settlement agent accounts may be maintained at the banks that do not have a branch in NC. These can be found at the bottom right of the Eligible Bank List. Settlement agent accounts are defined as accounts maintained by settlement agents that are not associated with an attorney licensed in North Carolina.
Banks not found on the Eligible Bank List must submit a compliance statement and receive approval prior to opening any NC IOLTA accounts. Compliance information is available under the Information for Banks section of the website or from the IOLTA staff.