First Commonwealth Federal Credit Union, a nationally recognized leader for financial strength, member service, and corporate social responsibility, has greatly enhanced its cash management and treasury services capabilities by launching an Interest on Lawyers Trust Account (IOLTA) program for its members throughout Pennsylvania and New Jersey.
First Commonwealth is now designated as a Platinum Leader Bank by the Pennsylvania IOLTA Board and a Leadership Bank by the IOTLA Fund of the Bar of New Jersey. “We’re on a mission to do good for our nearly 78,000 members and the communities we serve. We’re always looking for ways we can help to fill gaps where needs aren’t being met and how we can better serve underserved communities. The creation of our IOLTA program is just that. As one of 20 designated providers in Pennsylvania and one of only six in New Jersey (and the only credit union), we’re making this program more accessible for attorneys and businesses while giving back to those in need of essential legal services, “ said James Gagliano, Chief Experience Officer for First Commonwealth.
The IOLTA program was established as a means to raise money to fund civil legal services for people living on a low income. It is a type of attorney trust account that can collect interest, which is then transferred to the state bar for charitable purposes. Examples of legal services it helps to provide often include landlord/tenant disputes, custody disputes, as well as advocacy for people with disabilities.
To learn about First Commonwealth’s IOLTA program, please visit the First Commonwealth website or contact Kathy Weiss, First Commonwealth’s dedicated IOLTA specialist.