An Interest on Lawyers’ Trust Account (IOLTA) is a specialized account designed for legal professionals. Attorneys can use IOLTAs to deposit modest amounts of client funds into interest-bearing checking accounts.
Howard Bank automatically forwards interest from these accounts to the Maryland Legal Services Corporation (MLSC). MLSC uses these funds to help pay legal costs for Maryland residents who can’t otherwise afford them. This money has helped numerous individuals access legal services for landlord/tenant disputes, child custody challenges and disability advocacy cases.