Attorney and Firm Services
National Bank of Arizona offers the unique services that lawyers need for their personal and business success.
Why National Bank of Arizona?
The agreement between Arizona Foundation for Legal Services and Education and financial institutions allows financial institutions to keep 10% of the interest earned as its fee. National Bank of Arizona has made the decision to contribute 100% of the interest earned back to the Foundation.
-
National Bank of Arizona IOLTA accounts include, unlimited transactions, no monthly service charge and digital images of your checks.
-
Contact your local branch for information regarding products and services.
IOLTA – Interest on Lawyers’ Trust Account
National Bank of Arizona transfers 100% of the interest earned on IOLTA accounts to the Arizona Foundation for Legal Services & Education.
Attorney Resources
Browse our resources for law firms including additional links and more.
2021 Awardee for the George Lyons IOLTA Partnering Institution Award
Supporting the local community is one of National Bank of Arizona’s important goals.
Why choose National Bank of Arizona for your banking needs?
Knowledgeable in a Variety of Industries
Our experienced business bankers sit down with you to discuss your needs, your market and how to best capitalize on your growth opportunities. We are proud to have received numerous awards for excellence in small- and medium-sized business banking.
Local Decision-Making
We’re a relationship-based community bank and are specialists who offer knowledge of local markets, flexible terms, a variety of options and decisions made locally. Because we focus on relationships, it’s no surprise that we get high marks for customer satisfaction.
IOLTA FAQs
As an Arizona lawyer, am I required to have an IOLTA or other trust account?
Rule 43(a), Ariz.R.Sup.Ct. states: “Funds belonging in whole or in part to a client or third person in connection with a representation shall be kept separate and apart from the lawyer's personal and business accounts. All such funds shall be deposited into one or more trust accounts that are labeled as such.”
Are there other types of trust accounts I can set up other than an IOLTA?
Rule 43(f)(1)(B), Ariz.R.Sup.Ct. states: “a separate interest-bearing or dividend-earning trust account for the particular client or client's matter on which the interest or dividends, net of any reasonable service or other charges or fees imposed by the financial institution or investment company in connection with the account, will be paid to the client;” or
Rule 43(f)(1)(C), Ariz.R.Sup.Ct. states: “a pooled interest-bearing or dividend-earning trust account, with subaccounting provided by the lawyer or the law firm, which will provide for computation of interest or dividends earned by each client's funds and the payment thereof, net of any reasonable service or other charges or fees imposed by the financial institution or investment company in connection with the account, to the client.”
Please review Rule 43(f)(2), Ariz.R.Sup.Ct. to determine which type of account may best fit your needs.
Is there a special form I need to provide to the bank to open an IOLTA?
Yes – you will need the Notification to IOLTA Approved Financial Institution to open the account. Once you have opened or closed an IOLTA you will need to submit the IOLTA Enrollment Form to the Arizona Foundation for Legal Services and Education.
For your convenience NB|AZ has these forms available when you open an IOLTA with us.
Can the bank charge fees on my IOLTA? If so, how can I pay these?
Yes, fees can be charged on the IOLTA. You may deposit funds into the IOLTA to cover these fees. Rule 43(a) Ariz.R.Sup.Ct. states: “(a) No funds belonging to the lawyer or law firm shall be deposited into a trust account established pursuant to this rule except as follows: 1. Funds to pay service or other charges or fees imposed by the financial institution that are related to operation of the trust account, but only in an amount reasonably estimated to be necessary for that purpose may be deposited therein.”
Rule 42, E.R. 1.15(b) Ariz.R.Sup.Ct. also allows fund to be deposited to cover fees charged. It states: “(b) A lawyer may deposit the lawyer's own funds in a client trust account only for the following purposes and only in an amount reasonably estimated to be necessary to fulfill the stated purposes:
(1) to pay service or other charges or fees imposed by the financial institution that are related to operation of the trust account[.]”
Can I accept credit card deposits into my IOLTA?
Yes, you can accept credit card deposits into your IOLTA. Multiple sections of Rule 43, Ariz.R.Sup.Ct. address credit card deposits. See Rule 43(a)(2), (b)(3) and comment [2009 Amendment] and Rule 42, E.R. 1.15 and comment [2009 Amendment], Ariz.R.Sup.Ct.
Rule 43(a)(2) Ariz.R.Sup.Ct. addresses fees charged for credit card transactions: “(2) Funds to pay merchant fees or credit card transaction charges or to offset debits for credit card chargebacks, but only in an amount reasonably estimated to be necessary for those purposes may be deposited therein.”
Rule 42, E.R. 1.15 Ariz.R.Sup.Ct. allows funds to be deposited to cover credit card fees. It states: “(b) A lawyer may deposit the lawyer's own funds in a client trust account only for the following purposes and only in an amount reasonably estimated to be necessary to fulfill the stated purposes:
…
(2) to pay any merchant fees or credit card transaction fees or to offset debits for credit card chargebacks.”
Additionally, reference the following rules:
Rule 43, Ariz.R.Sup.Ct.
Rule 42, E.R. 1.15, Ariz.R.Sup.Ct.