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Nota Blog

Welcome to the Nota Blog-
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    March 27, 2024

    IOLTA

    FDIC and IOLA/IOLTA Funds: Are there holes in your safety net?

    By Heather Abissi
    1

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    References to “Clients’ Funds Trust Account (IOLTA / IOLA)” or “Interest on Lawyers Trust Account” shall be interpreted to include “IOLA,” or “Interest on Lawyer Account,” and “IOTA,” or “Interest on Trust Account,” as applicable in a particular state.

    Nota is a product/service offered by M&T Bank and is available to attorneys whose offices and practices are in NY, NJ, MD, PA, DE, CT, VA, DC, FL, or WV. Clients’ Funds Trust Accounts (IOLTA / IOLA) held by lawyers in these states must be subject to applicable state rules and regulations. The advertised product/services and their features and availability are subject to change without notice at any time. Use of the product/service is subject to and governed by certain terms, conditions, and agreements required by M&T Bank.


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    1 Nota Monthly maintenance fees apply to new customers as of 07/29/2024. Nota Monthly Maintenance fee is not applicable to existing customers signed up for Nota prior to 07/29/2024.

    2 $16.50 for outgoing domestic wires up to $1MM (in US Funds) within the Nota Application and when performed at the branch for outgoing wires up to $2MM. Outbound domestic wire functionality is available for Clients’ Funds Trust Account (IOLTA / IOLA) and an M&T Simple Checking for Business or M&T Tailored Business Checking account in Nota. M&T Bank’s standard deposit account and service fees still apply for those that are not enrolled in Nota. 

    All M&T checking accounts are subject to M&T standard account agreements.

    Unless otherwise specified, all advertised offers and terms and conditions of accounts and services are subject to change at any time without notice. After an account is opened or service begins, it is subject to its features, conditions and terms, which are subject to change at any time in accordance with applicable laws and agreements. Please contact an M&T representative for details.