Deposits & CDs

Every business has a unique set of goals and objectives. Valley helps support these efforts by offering a full suite of business banking deposit products that offer you the perfect mix of liquidity, profitability and convenience.

IOLTA AND IOLA ACCOUNTS

More Info & Help

IOLTA (New Jersey) and IOLA (New York) accounts provide funding for legal representation and assistance for the poor or low income residents and improvements in the administration of justice and legal education to the public.

Basics
Minimum Opening Balance $100
Monthly Maintenance Fee None
FDIC Insured Yes
Interest Earned Yes, credited monthly (last day of the statement cycle) - based on the current Valley NOW Checking account interest rate - interest debited from the account and paid to IOLTA on the first business day following interest posting
Requirements
All attorneys in private practice in New Jersey and New York are required to register and account
Attorneys are required to open a non-interest bearing trust account before registering with their respective State agency. Upon approval Valley will convert the non-interest bearing account to an IOLTA or IOLA account

To learn more about IOLTA or IOLA services, contact your Valley representative, stop in one of our conveniently located branches, call 800-522-4100, or contact us Online.