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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.

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 RCU digital banking 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.

Have a question?

At RCU, we're known for our reliable service, and we'll answer your questions and calls quickly.

  • *In the event that RCU establishes fees for an IOLTA, fees will only be deducted from dividends earned.