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IOLTA

Best Suited For

This account is for small businesses with low activity and has added perks that will help your business evolve

This account is for mid-sized businesses with moderate activity and has several features to help you get more out of your business operating account

This account is perfect for businesses with higher balances and more activity. It provides your business with a variety of features and functionalities to help improve efficiencies

If you’re an attorney holding funds for multiple clients, an IOLTA can add simplicity to account management, while also helping people who otherwise couldn’t afford legal representation

Minimum Balance to open

$100

$100

$0

$0

Monthly Service Fee

$0

$20

Avoid by meeting one of the following requirements:

$10,000 average daily balance 

$15,000 combined average ledger balance in all checking, savings, or money market accounts that share the same Tax ID Number

Fees vary based on services used, balance, and transaction volume. Earnings credit paid on balances to reduce or eliminate fee

$0

Earns Interest

No

No

No

Yes

Earns Earnings Credit for Usage

No

No

Yes

No

Transactions Limitations

100 items per statement cycle ($0.35 thereafter)

250 items per statement cycle ($0.35 thereafter)

Fees vary based on volume

Unlimited 

ACH Originations Limitations1

20 ACH originations per statement cycle

50 ACH originations per statement cycle

Fees vary based on volume

Fees vary based on operating account

Mobile Remote Deposit Capture1,2

Yes 

1 User Free

Yes

1 User Free

Yes

Fee per user

No

Remote Deposit Capture

No

Yes

1 User Free

Yes

Fee per scanner

Determined Based on Operating Account 

Additional Business Services Available?1

Yes

Yes

Yes

Yes

Additional Restrictions 

No

No

No

Yes

Attorneys Only; Requires Operating Account

Access to Business Online Banking

Yes

Free

Yes

Free

Yes

With Fee

Yes

Free

Access to Business Bill Pay1

Yes 

Free

Yes

Free

Yes

With Fee

Yes

Free

Free eStatments

Yes

Yes

Yes

Free with Online Banking

Yes

Mobile & Text Banking1,2

Yes

Yes

Yes

Yes

Free Business Mastercard® Debit/ATM Card

Yes

Yes

Yes

No

Unlimited ATMs Worldwide

Yes

Yes

Yes

No

ApplePayTM Available2

Yes

Yes

Yes

No

Toggle Available2

Yes

Yes

Yes

No

     

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Additional terms and conditions or fees may apply to the products and services described. Please contact us or visit one of our branches for full account details. 1Subject to approval. 2Data connection is required. Availability may be affected by your mobile carrier’s coverage area. Your mobile carrier’s message and data rates may apply. Consult your wireless plan or provider for your specific plan details.

Apple® and the Apple logo are trademarks of Apple, Inc., registered in the U.S. and other countries. Apple Pay™ is a trademark of Apple, Inc. NewDominion Bank is not affiliated with Apple® or any of its subsidiaries.