Law firms and attorneys may deposit short-term nominal client escrow monies into an IOLA (Interest on Lawyer Account). The IOLA is an interest-bearing account wherein the interest earned is netted against checking fees for the account and the proceeds are sent to the New York State IOLA Fund.

• $50 minimum opening balance
• Interest is paid on balances of $5,000 or more
• Monthly maintenance fee is $15.00
• Interest is compounded and credited monthly