NC IOLTA Eligible Bank List
After July 1, 2010, 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 the rule.
Notice Regarding Eligible Banks List
NC IOLTA is required to maintain a list of Eligible Banks approved to hold IOLTA accounts for all members of the State Bar and for settlement agents. The institutions listed on the Eligible Bank List have agreed to comply with the rules governing NC IOLTA at 27 NCAC 1D, Sections .1316 and .1317 and have been approved by NC IOLTA. Neither the North Carolina State Bar nor NC IOLTA has made any determination regarding the practices of the financial institutions on this list, other than the criteria established in .1316 and .1317. It remains the responsibility of every North Carolina attorney that holds funds on behalf of their clients to ensure their compliance with the provisions set forth in Rule of Professional Conduct 1.15. By creating and posting this list, neither the North Carolina State Bar nor NC IOLTA expresses any opinion on the selection of a financial institution from this list for the deposit of funds held in trust.
Encourage your bank to become a NC IOLTA Prime Partner Bank
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.
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.
Click here for a list of Prime Partner and Benchmark Banks.
For more information about Eligible Banks, including Prime Partners, email Claire Mills at IOLTA or call 919-828-0477.
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. 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.