IOLTA: Prime Partners

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The Alabama Law Foundation works closely with Alabama banks to ensure their participation in the Interest on Lawyers Trust Accounts (IOLTA) Program. Per Supreme Court of Alabama rules, IOLTA accounts must be held at banks that pay interest rates comparable to similarly situated accounts. Prime Partner banks, listed below, go above and beyond eligibility requirements by paying at least 55 percent of the Federal Funds Target Rate. The additional interest ensures more funding for legal aid.

Since September 2007, the Federal Reserve has lowered the Fed Funds Target Rate from 5.25% to a range of 0 - .25 %. This means that IOLTA projected revenue for 2009 has dropped to less than $1.5 million.

You can help by doing one the following:

1. Bank at a Prime Partner bank.
2. If you do business with a non-Prime Partner bank, persuade the bank to become a Prime Partner.
3. If you are employed by a non-Prime Partner bank, persuade the bank to become a Prime Partner.

Eligible Financial Institutions

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