The DC Bar Foundation administers the District of Columbia's Interest on lawyers Trust Accounts (IOLTA) Program, which was created by the District of Columbia Court of Appeals in 1985.  The IOLTA program provides an important source of funding for local legal services.

An IOLTA account is a trust account made up of client funds that are either small in amount or held for a short period of time.  Examples include fee advances or settlements for multiple clients whose money would not, on its own, net interest for that client.  The DC Bar Foundation receives any interest earned on these accounts and distributes the funds to legal aid offices in the District of Columbia.

How can a lawyer or Law firm open a DC-IOLTA account?

Lawyers and law firms can establish an IOLTA account with financial institutions that have been approved by the D.C. Bar, using the form available here.  Lawyers opening and maintaining trust accounts must make sure they comply with the relevant rules governing IOLTA accounts: Appendix B, Rule X and Rules 1.15 and 1.19 of the Rules of Professional Conduct.  More information on how to open an IOLTA account is available here, or by contacting Daniel Mills, the Manager of the D.C. Bar Practice Management Advisory Service at 202-737-4700 ext. 212, or dmills [@] dcbar.org.

Banks and financial institutions should review and follow the Guidelines for Financial Institutions  available here or by contacting the Bar Foundation.  Please use the IOLTA Remittance Form to report to the Foundation.

What financial institutions can hold DC-IOLTA accounts?

DC lawyers need to open their DC-IOLTA accounts at financial institutions approved by the DC Bar.  The Foundation also encourages patronage of banks that participate in our DC-IOLTA Preferred Bank Initiative, as they provide the most favorable interest rates, ensuring the greatest return to local legal services.  For information on how your institution can become a DC-IOLTA Preferred Bank, click here.  Remember to ask for a favorable rate on your firm's IOLTA account!

DC-IOLTA Preferred Banks

DC IOLTA Preferred Banks offer favorable interest rates on IOLTA accounts.  The DC Bar Foundation encourages your patronage of any or all of the services offered by DC IOLTA Preferred Banks. Banks paying the highest rates as of 05/30/08 are listed first.

Adams National Bank

(4.25%)

City First Bank of D.C.

(3.00%)

Citibank
(tiered rates up to 75% of Fed Funds Rate)

SunTrust
(tiered rates up to 75% of Fed Funds Rate)

ColomboBank

(75% of Fed Funds Rate)

Honor Roll of IOLTA Participating Financial Institutions

We salute the financial institutions listed below that do not assess service fees on IOLTA accounts. Banks paying interest rates that are at 50% of the Federal Funds Rate on a majority of their DC IOLTA accounts as of 5/30/08 are in bold.

Access National Bank
Bank of Georgetown
BB&T
Chevy Chase Bank
Commerce Bank

Fidelity & Trust Bank
First Liberty National Bank

HSBC Bank USA, NA
Independence Federal Savings Bank
Industrial Bank
National Capital Bank

PNC Bank
Presidential Savings Bank
United Bank
Wachovia
Washington First Bank

Other Participating IOLTA Financial Institutions
Alliance Bank

Bank of America

Capital Bank, N.A.
Century National Bank
Chase Manhattan Bank

Congressional Bank
First Bank, N.A.

LaSalle Bank Midwest, N.A.
M&T Bank

Monument Bank

OBA Bank
Providence Savings & Loan, F.A.
U.S. Trust Company, N.A.

The DC Bar Foundation updates the information on this page periodically.  For current information, contact your financial institution.