IOLA Account

An IOLA is a checking account which is limited to use by lawyers and law firms for such attorneys to deposit funds received from their clients’ in interest bearing accounts. The interest earned on each IOLA account will be transmitted by Bethpage Federal Credit Union to the New York State Interest on Lawyer Account Fund (the “IOLA Fund”). The interest accrued is pooled and provides money for grants made by the IOLA Fund to non-profit civil legal services across the State of New York.

In our commitment to serving the community, no fees are assessed in maintaining an IOLA account. This is to ensure that every dollar earned through the interest of the IOLA account supports those people and families that need it most.

Our IOLA account offers the following features:

  • Competitive Interest Rate
  • No Monthly Maintenance Fees
  • No "Per Check" Charges
  • No "Per Deposit" Charges
  • No Wire Transfer Fees (Incoming or Outgoing)
  • No Check Printing Charges
  • No Official Check Fees
  • No Stop Payment Fees
  • No Fee for the Preparation of Interest Remittance Report

To qualify for our IOLA account, you or your law firm must be registered to practice law within the state of New York.

To learn more or open an IOLA account today, please speak with our representatives at your local branch or call us at 855-503-2015.