Settlement Agent Accounts
In addition to the banks on the Eligible Bank List, 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.
Forbright Bank is 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 or 0.75%, whichever is higher.
Other Banks Approved for Settlement Agent Accounts Only
(Not for NC-licensed attorneys)
Bank of Georgetown*
Capital Bank (MD)*
First American Trust*
Sandy Spring Bank
An asterisk* indicates the bank waives service charges that could be assessed against the IOLTA interest.