Keyword Analysis & Research: montana iolta

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Frequently Asked Questions

How does IOLTA work in the state?

The interest generated by these accounts is automatically funneled to the state IOLTA board, which uses those client funds to finance charity and educational programs, improve the administration of justice, and pay for legal aid for low-income and underserved residents. Is IOLTA available in my state?

Can I use my IOLTA account as a savings account?

Regardless of which state you’re in, you can’t, under any circumstances, use an IOLTA account as a savings account or an operating account, even if the money you withdraw from the IOLTA has already been earned. 3. Charging clients for payment fees

Why am I charging the wrong client's IOLTA account?

Some IOLTA-friendly merchants (like LawPay) will charge fees to your firm’s operating account while depositing funds to the IOLTA account. If your merchant isn’t IOLTA-friendly, however, these fees can become hard to track, causing you to charge the wrong client’s account.

Do I have to provide IOLTA Records to the State Bar?

Every single transaction in and out of your IOLTA must be accounted for, no matter how small. And you should be able to supply accurate and up to date records for all of your trust accounts—not just IOLTA—to the state bar upon request.

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