RALEIGH, N.C. – Coastal FCU yesterday announced it is now offering Interest on Lawyer's Trust Accounts, known as IOLTAs, a dividend-bearing general trust account for attorneys and law firms that handle money on behalf of their clients.
Coastal's IOLTAs have no minimum balance requirements, no monthly maintenance fees and allow for unlimited monthly deposits and withdrawals.
North Carolina law requires that by June 30, all attorneys who hold money in trust for their clients must be doing so in an IOLTA. The credit union will forward all dividends from the account, net of service charges, to the North Carolina State Bar IOLTA Program, which uses the money to fund programs for the public's benefit. Coastal said it is participating in the program to help attorneys comply with the law and to provide a valuable public service.
