Introducing the

Preferred Banking Initiative

A two-tier recognition program for financial institutions that guarantees compliance with the Supreme Court’s Best Customer Standard.

The IOLTA NJ Preferred Banking Initiative recognizes institutions that voluntarily offer enhanced interest rates on attorney trust accounts. Participating banks demonstrate leadership in serving the legal community while strengthening access to justice through enhanced IOLTA rates.

PARTICIPATION LEVELS

Leadership Bank

Interest rate:
equal to the higher of
1% or 80%
of the federal funds rate

Click here to see the list of Leadership Banks

Participating institutions receive official IOLTA NJ designation seals for use in institutional communications and marketing materials. Leadership banks receive prominent recognition in program communications.

Loyalty Bank

Interest rate:
equal to the higher of
1% or 60%
of the federal funds rate

Click here to see the list of Loyalty Banks

WHY PARTICIPATE

Regulatory Alignment

"Set-and-Forget" Administration. Unlike other bank products that require constant monitoring and reporting of highest comparable rates, an indexed rate adjusts automatically with the market. This eliminates the risk of falling out of compliance when your other commercial rates change. Enrollment confirms compliance with Supreme Court requirements

Competitive Positioning

Enhanced IOLTA rates act as a powerful differentiator by aligning a bank's business interests with the professional values and ethical obligations of the legal community. While lawyers have no strict regulatory obligation to choose a bank based on interest rates, many feel a professional and moral responsibility. By offering rates that exceed standard eligibility requirements, banks transform a mandatory regulatory account into a strategic partnership opportunity.

Legal Community Visibility

Participating institutions are featured in IOLTA NJ communications, including our annual report, website listings, and outreach to attorneys and law firms statewide. IOLTA NJ will also circulate the list of participating institutions and a link to the program webpage to each county bar association and the New Jersey State Bar Association.

PROGRAM IMPACT

All IOLTA-friendly banks deserve recognition for making a business choice that increases the capacity of New Jersey's legal service providers to serve individuals who have civil legal problems and nowhere else to go for help. Often low-income, vulnerable people have legal problems affecting their most basic needs such as food, shelter, jobs and access to health care. IOLTA grant recipients offer legal representation or assistance and enable people who need help but cannot hire a lawyer to resolve civil legal matters with fairness and efficiency. The results are real: economic stability, peace at home, and the ability to move forward as productive members of society.

Funding supports Legal Services of New Jersey and its statewide legal aid network, as well as legal education and public service programs through the New Jersey State Bar Foundation and grants to other nonprofit legal aid organizations.

Other Participating Banks.

ABOUT IOLTA NJ

The IOLTA Fund of the Bar of New Jersey administers interest earned on attorney trust accounts on behalf of the New Jersey Supreme Court to support civil legal services, legal education, and public service programs throughout the state. Through partnerships with financial institutions and law firms, IOLTA helps strengthen access to justice for lower-income New Jersey residents.

ENROLLMENT IN THE IOLTA NJ PREFERRED BANKING INITIATIVE

To enroll in the Leadership or Loyalty tier, complete the certification form available at www.ioltanj.org or contact IOLTA NJ at 732-247-8222.

ENROLL NOW

IOLTA Preferred Banking Partners