Through the IOLTA program, banks and credit unions provide important funding for civil legal services in Oregon. The financial institutions that make up our Partners in Justice 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.
Partners in Justice
We connect lawyers with our Partners in Justice, financial institutions that pay over-market interest rates on IOLTA. Through the OLF, lawyers and bankers partner together to provide justice for all Oregonians. Being a Partner in Justice provides a number of benefits to financial institutions.
Attract High-value Customers
The Oregon Law foundation promotes Partners in Justice by publishing and distributing lists of our partners. 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. Oregon lawyers value justice for all and know that where they bank matters. In fact, 61% of recently opened IOLTAsare with our Partners in Justice.
Earn Community Reinvestment Credits
Annually, the Oregon Law Foundation provides Partners in Justice 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 Partners in Justice interest rate on IOLTA accounts,
- Waive all service fees on IOLTA accounts, and
- Contact us to let us know you want to be a Partner in Justice.