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; monthly remittance is preferred. Interest should be calculated on the average daily balance in accounts or in accordance with the institution’s standard accounting practice.
Financial institutions must send a report to the OLF at least quarterly; monthly reporting is preferred. 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.
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 an IOLTA account. Such non-routine fees are the responsibility of the lawyer or law firm.
Service charges that are considered customary account maintenance charges may be charged against the interest earned on the IOLTA account. Financial institutions are encouraged to waive services charges to ensure that the maximum amount of funding is remitted to the foundation. Many banks waive the service charges associated with IOLTA accounts.
Partners in Justice
The financial institutions that make up our Partners in Justice are dedicated to providing justice for all in Oregon. The Oregon Law foundation promotes these financial institutions by publishing and distributing lists of our Partners in Justice. Along with the Campaign for Equal Justice, the OLF helps lawyers know that having an IOLTA with our Partners in Justice funds justice for all. Because lawyers across Oregon are committed to justice for all, being a Partner in Justice can help maintain current lawyer customers and attract new lawyer customers.
Annually, the Oregon Law Foundation provides Partners in Justice with documentation of contributions that can be used in Community Reinvestment Act evaluations.
To join the Partners in Justice, your financial institution needs to charge no fees against IOLTA interest and pay one of the current partnership rates. Contact us with any questions or to join the Leadership List.