Higher interest rate on IOLTA funds will benefit Nevada’s legal aid organizations
Bank of Nevada and First Independent Bank, divisions of Western Alliance Bank, Member FDIC, have increased the amount of interest paid on Lawyer Trust Accounts, known as IOLTA funds, which are used to support legal aid organizations. Nevadans who find themselves in need of civil legal assistance can expect increased access to Nevada’s nonprofit legal aid organizations as a result of more than half a million dollars in additional funding annually.
“By increasing the amount we pay on Lawyer Trust Accounts, Bank of Nevada and First Independent Bank are not only increasing financial stability to legal aid organizations but ensuring those unable to pay for legal services still have access to them,” said John Guedry, CEO, Bank of Nevada and First Independent Bank. “We know this increase in IOLTA distributions will have a direct impact on those in our state in need of legal services.”
Each month, Nevadans who are in need of assistance with civil legal issues can access justice through the support of many legal aid organizations. These nonprofit agencies provide legal advice and related services to the poor, senior citizens, victims of domestic violence, children protected by or in need of protection by the juvenile court, and other persons who may be denied access to justice for financial or other reasons.
“By making the decision to increase the rate of interest paid on IOLTA funds, Bank of Nevada and First Independent Bank have taken a bold step to strengthen the legal aid providers that help the working poor access justice now, and in the future,” said State Bar of Nevada President Richard Pocker. “This is a positive step for all economically challenged Nevadans in delivering fair outcomes.”
“I want to thank Bank of Nevada and First Independent Bank for being leaders in the state and who truly care about the citizens of our great state,” said Nevada Bar Foundation President Constance Akridge. “The actions of these two financial institutions will bring several hundred thousand dollars in additional funding each year to help citizens who need civil legal assistance.”