Interest on Lawyer Accounts Program
Apple Bank participates in the New York IOLA program and IOLA accounts to lawyers choosing to also participate in the program.
The Interest on Lawyer Accounts Fund (IOLA) was created by the Legislature in 1983. It was designed to provide additional funds for civil legal services programs and programs for the administration of justice.
Chapter 659, Laws of 1983, allows interest to be earned on nominal or short-term deposits held in a lawyer's pooled client trust account, with the interest remitted directly by the lawyer's financial institution to the IOLA Fund for distribution in grants.
On September 1, 1988, new legislation was passed making the IOLA program comprehensive, or mandatory for attorneys, in New York. Chapter 677, Laws of 1988, requires all New York attorneys holding qualified client funds to participate in the program by establishing an IOLA account.