Trust your practice with an IOLTA from RCU
Set up your Interest on Lawyers’ Trust Account with a financial partner that cares.
IOLTAs with a true ally
Managing client funds with integrity and precision is crucial to your practice. Redwood Credit Union’s Interest on Lawyers’ Trust Accounts (IOLTA) ensures that your clients’ funds are held securely while complying with state regulations. With no fees, dedicated support, and a seamless digital banking experience, we’re here to help you focus on what matters most—delivering exceptional legal services.
IOLTA accounts at Redwood Credit Union
All account fees and restrictions are waived with RCU.*
No fees or minimums
Enjoy zero fees and no minimum balance to open the account or earn dividends.
Free transactions
Make unlimited free transactions using checks and mobile deposits.
24/7 Digital banking
Manage funds within your RCU digital banking account any time day or night.
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Good to know
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RCU Business membership required
To open an RCU IOLTA, you must first be an RCU Business Member with a primary business savings account and an RCU business checking account for your practice.
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Empowering access to justice
RCU is recognized as a leadership institution by the California State Bar. Dividends generated from IOLTA accounts are automatically paid to the California State Bar Association and are directed towards funding legal services for those who cannot afford them.
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You must be practicing law in California
Redwood Credit Union is only able to serve attorneys who are admitted to the to the California State Bar and serve clients within California.
I couldn’t be happier with my decision to move my IOLTA account to RCU. Knowing that RCU’s team is just a phone call or an email away provides invaluable peace of mind for both my firm and my clients."
Additional services
Have a question?
At RCU, we're known for our reliable service, and we'll answer your questions and calls quickly.
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*In the event that RCU establishes fees for an IOLTA, fees will only be deducted from dividends earned.
PPP Forgiveness Application Deadline
Congress passed The Economic Aid Act which changed the deferment period from 6 months post covered period to 10 months post covered period. For example, if your covered period ended June 30, 2021, under the new guidelines the earliest your first loan payment wouldn’t be due until April 2022, and you have until then to request forgiveness. Please use the following calculation to help you identify when your forgiveness will be due:
- PPP borrowers may select a covered period anywhere from 8 weeks to 24 weeks.
- RCU is automatically calculating your loan due date based on a 24-week covered period, if you intend on using a shorter covered period please inform us immediately as this will impact your due date.
- Your correct deadline will be reflected in your online banking account.
If all or part of your PPP loan is not forgiven, your first loan payment will be due the first of the following month after a decision is made by the SBA.
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