Through the IOLTA program, banks and credit unions provide important funding for civil legal services in Oregon. Our Leadership Banks & Credit Unions have made a profound commitment to providing justice for all in Oregon.
Attorneys can only open IOLTA accounts at financial institutions that have entered into agreements with the Oregon Law Foundation and the Oregon State Bar.
Contact us to enter into both of these agreements and offer your customers IOLTA accounts.
OLF Tax ID
Oregon IOLTA accounts must use the OLF Tax ID: 93-0817536.
Financial institutions must remit interest to the OLF at least quarterly; we prefer monthly remittance. Institutions should calculate interest on the average daily balance in accounts or in accordance with their standard accounting practice.
Financial institutions must send a report to the OLF at least quarterly; we prefer monthly reporting. Reports must include the names of the lawyers or law firms for whom a remittance is sent, IOLTA account numbers, the balances on which interest was computed for each month for which the remittance is made, the interest rate applied, the period for which the remittance is made, and the amount and description of any service charges deducted during the remittance period.
Service charges that are considered customary account maintenance charges may be charged against the interest earned on the IOLTA account. We encourage financial institutions to waive services charges to ensure that the maximum amount of funding is remitted to the foundation. Many banks waive service charges associated with IOLTA accounts.
Fees for wire transfer, insufficient funds, bad checks, stop payment, account reconciliation, negative collected balances and check printing are not considered customary account maintenance charges and may not be assessed against IOLTA interest. Such non-routine fees are the responsibility of the lawyer or law firm.
Leadership Banks & Credit Unions
We connect lawyers with our Leadership Banks & Credit Unions which pay over-market interest rates on IOLTA. Through the OLF, lawyers and bankers work together to provide justice for all Oregonians. Leadership Banks & Credit Unions receive a number of benefits.
Attract High-value Customers
The Oregon Law foundation publishes and distributes lists of Leadership Banks & Credit Unions to Oregon attorneys. Along with the Campaign for Equal Justice, the OLF helps lawyers know that using Leadership Banks & Credit Unions funds justice for all. Oregon’s lawyers value justice for all and know that where they bank matters. In fact, 61% of recently opened IOLTAs are with our Leadership Banks & Credit Unions.
Earn Community Reinvestment Credits
Annually, the Oregon Law Foundation provides Leadership Banks with documentation of contributions. Banks can use this documentation in Community Reinvestment Act evaluations.
Make a Big Difference in Your Community
Helping low-income people and seniors address critical legal issues can break the cycle of poverty. Legal services can remove the barriers that have held people back allowing them to reach their full potential and allowing communities to prosper.
How to Participate
- Start paying a current Leadership interest rate on IOLTA accounts,
- Waive all service fees on IOLTA accounts, and
- Contact us to let us know you want to be on our list of Leadership Banks & Credit Unions.