If you’re a lawyer in Massachusetts who needs an IOLTA, follow these six steps.
CLICK HERE TO FIND OUT IF YOU NEED AN IOLTA IN MASSACHUSETTS
CLICK HERE TO DOWNLOAD THE INFOGRAPHIC
STEP 1: NEED
- Determine whether you need an IOLTA
- Review the list of eligible financial institutions from the IOLTA Committee’s website
STEP 2: CHOOSE
- Consider a Leadership Institution
- Research fees & charges from your top choices
- Choose an eligible financial institution
- IOLTA must be open & maintained in MA
STEP 3: FILL OUT
- Download the Notice of Enrollment (NOE) from the IOLTA Committee’s website & complete your section
- The account name must include terms like “IOLTA account,” “conveyancing account,” or similar fiduciary indicators
STEP 4: BE READY
- Check with the financial institution for any additional requirements
- Be ready to deposit a small amount of your own funds to cover bank fees & charges
- Be ready to open an operating account if you do not have one
STEP 5: OPEN
- Bring the NOE to the financial institution
- Have the institution complete its section
- Keep a copy of the completed form
- Order prenumbered checks
- Open operating account if needed
STEP 6: REGISTER
- Register only your IOLTA with the IOLTA Committee through their registration page
- Supplement your BBO annual registration statement online within 14 days of opening the IOLTA
