IOLTA & IORTA
Our Interest on Lawyers Trust Accounts (IOLTAs) and Interest in Realtors Trust Accounts (IORTAs) are designed for lawyers and realtors respectively who are required by law to hold client deposits in an interest-bearing account.
IOLTA
Interest on Lawyers Trust Accounts (IOLTAs) are accounts developed from a program mandated by the Vermont Supreme Court. It requires lawyers or law firms to establish pooled dividend-bearing accounts for client deposits. VSECU will send all dividends earned to the Vermont Bar Foundation (VBF). This money is used to support civil legal services and justice programs for those who are unable to afford such services.
FEATURES
FREE CHECKING
UNLIMITED TRANSACTIONS
FREE ONLINE ACCESS
AUTO DEPOSIT TO VBF
NO MONTHLY FEE
HIGHER DIVIDENDS
IORTA
Interest On Realtors Trust Accounts (IORTAs) are available for Realtors who are required by law to maintain a dividend-bearing account for client deposits and down payments on the purchase of a home. All dividends earned on IORTA accounts are sent to the Vermont Housing Finance Authority (VHFA). The VHFA uses this money to support grants that provide housing opportunities for individuals/families that are unable to afford such services.
FEATURES
FREE CHECKING
UNLIMITED TRANSACTIONS
FREE ONLINE ACCESS
AUTO DEPOSIT TO VHFA
NO MONTHLY FEE
HIGHER DIVIDENDS
RATES
| Type | APY | Minimum Daily Balance to Earn APY | Minimum Daily Balance to Avoid Fee | Below Minimum Balance Fee | Monthly Transaction Fee | Monthly Fee |
|---|---|---|---|---|---|---|
| IOLTA Checking | 0.75% | $100 | None | None | None | None |
| IORTA Checking | 0.75% | $100 | None | None | None | None |
Annual Percentage Yields effective as of 7/1/2020 and may change after account opening.
You can apply for all of our business deposit products by completing and mailing in the forms below or in person at any branch location.
Business Member Service Agreement Part 1Business Member Service Agreement Part 1 – Page 2
If you would like to learn more about our VBiz team and our business products/services, or would like assistance beginning the application process, please visit the About VBiz page for more information.
See how simple your business’s finances can be, contact us today about opening a VBiz business savings account. If you would like to know more about VBiz products and services or would like to begin the application process please contact the VBiz team by clicking here.
