IOLA (Interest on Attorney Accounts)

New York State law requires attorneys to establish IOLA accounts when client trust accounts meet certain criteria. The interest on these nominal and short-term deposits is paid to New York State and is used to subsidize legal services for the poor and a variety of legal programs.

At State Bank it's easy to open and maintain IOLA accounts. We take care of record keeping, reporting and remittance of interest to the New York State IOLA Fund. In addition there is no minimum balance requirement and monthly statements will outline all activity in your IOLA account.

To request information on these or any of our business products, click here. We also invite you to visit one of our branches and talk to a customer service representative.