Quarterly, the Disciplinary Board publishes an up-to-date list of financial institutions approved by the Supreme Court for the maintenance of fiduciary accounts of attorneys under the terms of Pennsylvania Rule of Disciplinary Enforcement 221. The most recent list was printed in the February 22, 2025 issue of the Pennsylvania Bulletin.
New to the list this quarter is BMO Bank.
Readers will notice that some of the institutions on the list are designated as Platinum Leader Banks. These institutions have made a commitment to support the Interest on Lawyer Trust Accounts (IOLTA) program and increase funding for legal representation of those in need of free civil legal services. The PA IOLTA Board provides critical grant funding to legal aid organizations that deliver free civil legal aid to low-income Pennsylvanians facing a legal crisis where a basic human need is at stake.
So, how does the IOLTA program work? Clients and other parties regularly transfer money to pertinent attorneys to hold. According to the IOLTA Board, “When the amount is large, or if the funds will be held for an extended period of time, attorneys invest them for the benefit of the client.” However, nominal and short-term fiduciary funds must be deposited by attorneys in interest-bearing IOLTA accounts in accordance with Pennsylvania Rule of Professional Conduct 1.15. The designated bank then transfers all interest earned on IOLTA accounts to the PA IOLTA Board.
Currently, the following institutions qualify as Platinum Leader Banks:
- American Bank
- AmeriServ Financial
- Bank of Bird-in-Hand
- Benchmark Federal Credit Union
- Centre 1st Bank, a Division of Old Dominion National Bank
- CFS Bank
- First Resource Bank
- Forbright Bank
- Hingham Institution for Savings
- Juniata Valley Bank
- Meridian Bank
- Mifflinburg Bank & Trust
- New Tripoli Bank
- Parke Bank
- Somerset Trust Company
- Tioga Franklin Savings Bank
- Wells Fargo Bank
These financial institutions pay a rate which is the higher of 0.75% or seventy-five percent of the Federal Funds Target Rate on all PA IOLTA accounts. PA lawyers interested in supporting the goal of providing legal access to those of limited resources should consider maintaining their client trust and IOLTA accounts with one of these institutions.