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IOLTA

Trust your practice with an IOLTA from RCU

Set up your Interest on Lawyers’ Trust Account with a financial partner that cares.

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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.*

NoFeeMinimum

No fees or minimums

Enjoy zero fees and no minimum balance to open the account or earn dividends.

FreeTransactions

Free transactions

Make unlimited free transactions using checks and mobile deposits.

247DigitalBanking

24/7 Digital banking

Manage funds within your RCU digital banking account any time day or night.

Good to know

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.

Compare RCU's Business Checking Accounts

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.

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.

FAQs

  • An IOLTA (Interest on Lawyers’ Trust Account) is a type of account used by attorneys to hold client funds that are small in amount or expected to be held for a short period. These funds earn interest/dividends, which is then used to support legal aid for those who cannot afford legal services. Attorneys and law firms who handle client funds are typically required to have an IOLTA to comply with state regulations.

  • To set up an IOLTA account, schedule an appointment with Redwood Credit Union’s Business Services team. Our experts will guide you through the process, ensuring a smooth and compliant account opening experience. At RCU, we provide personalized service tailored to meet the specific needs of your legal practice so you can serve your clients with confidence.

  • To open an IOLTA account, you’ll need to provide your law firm’s name, tax identification number, attorney licensing details, and a completed IOLTA enrollment form  from the State Bar of California. Additional information may be requested depending on your particular circumstance. Redwood Credit Union’s Business Services team will work closely with you to ensure all required information is collected for a seamless account setup.

Additional services

Business checking

Manage everyday business finances easily with a variety of accounts to choose from.

View Business Checking
Commercial real estate

Purchase or renovate commercial property with a commercial real estate loan from RCU.

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Business Visa credit cards

Extend cash flow, make purchases , and earn rewards

View Business Credit Cards

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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