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IOLA required for NY lawyers / IOLTA for NJ lawyers.
New York attorneys who hold qualified funds in trust for a client or third-party beneficial owner are subject to the NY State IOLA (Interest on Lawyer Fund Account) statutes and regulations and must open and maintain an IOLA escrow account. The equivalent holds true for New Jersey attorneys with NJ State IOLTA (Income on Non-Interest Bearing Lawyer Trust Accounts).
These are tiered variable-rate accounts with no minimum balance requirements.
The IOLA / IOLTA programs are a partnership of lawyers, banks and community organizations.
Participation in the NY IOLA / NJ IOLTA programs is mandatory for every NY and NJ lawyer who handles client funds.
NY / NJ lawyers must use an IOLA / IOLTA accounts for qualifying funds.