IOLTA Checking

Interest On Lawyers Trust Accounts (IOLTA) checking accounts are limited to attorneys and law firms that maintain escrow funds for multiple clients. An IOLTA checking account pools the funds into a single, interest bearing account. Interest earned, less any permitted service fees, is forwarded by BankFinancial to the Lawyers Trust Fund of Illinois to fund legal expenses for those who are unable to afford legal services, and other justice related projects of the board.

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Minimum Opening Deposit

$01

Minimum Daily Balance

$0

Interest Bearing

Earns interest, transferred monthly to the Lawyers Trust Fund on Statement Cycle date.

Monthly Service Charge
(1st Month Waived)

$0

Statement Cycle Dates

Monthly on the last day of the month

Statements
  • Free Paper Statements
  • Free eStatements
ATM
  • ATM access only
  • Unlimited free transactions at all BankFinancial owned ATMs
  • ATM anywhere
Your Account Comes With
  • 24/7 Bank-by-Phone
  • Basic Online Business Banking & Bill Pay
  • Mobile/Web Banking
  • Business Visa® Check Card
  • Eligible for Spectrum Select Business Money Market and Spectrum CDs

1. Available to lawyers or law firms who need to establish a trust account for client funds. 


Business Checking Accounts


 

Small Business Checking

Business Checking

Analyzed Business Checking

eBusiness Checking Spectrum Select Business Checking

Civic Checking6

IOLTA Checking7 Public Funds Checking8

Investment Checking9

Minimum Opening Deposit

$500

 $500

$500

 $500  $500

$100

None $100  None

Minimum Daily Balance

$1,500

 $1,500

None

 None  None

$1,500

None None  None

Minimum 
Relationship Balance

Not applicable Not applicable Not applicable Maintain $15,000 minimum daily deposit relationship2 or
Maintain $100,000 minimum loan relationship
Maintain $15,000 minimum daily deposit relationship2 or
Maintain $100,000 minimum loan relationship
Not applicable Not applicable Not applicable Maintain $15,000 minimum daily deposit relationship or
Maintain $100,000 minimum loan relationship10

Interest Bearing

Yes

 No

No

 Yes, tiered3  Yes, tiered3

Yes

Earns interest, transferred monthly to the Layers Trust Fund on statement cycle date Yes  Yes, blended11
Earnings Credit Not applicable Not applicable Yes1            
Monthly Service Charge (1st Month Waived) $10 if account falls below minimum daily balance $10 if account falls below minimum daily balance $15  $20 if account falls below minimum daily balance4 $30 if account falls below minimum daily balance4 $7 if account falls below minimum daily balance  $0   $0 $10 if account falls below minimum daily balance12 
Per Item Charge

100 free items per month then $0.40 per item: includes an aggregate of items paid, items deposited, deposit tickets and ACH credits or debits
•$0.15 per $100 for all currency deposit amounts over $10,000
•$0.15 per roll/strap of coins/currency supplied
                              

•200 free items per month then $0.40 per item: includes an aggregate of items paid, items deposited, deposit tickets and ACH credits or debits
•$0.15 per $100 for all currency deposit amounts over $10,000
•$0.15 per roll/strap of coins/currency supplied
•$0.20 per Item Paid
•$0.15 per Item Deposited
•$0.50 per Deposit Ticket
•$0.20 per ACH Credit or Debit
•$0.20 per Tax Payment
•$0.15 per $100 of currency deposited
•$0.15 per roll/strap of coins/currency supplied                                         
 •$0.20 per Item Paid
•$0.15 per Item Deposited
•$0.50 per Deposit Ticket
•$0.15 per $100 of currency deposited
•$0.15 per roll/strap of coins/currency supplied                        
•300 free items per month then $0.40 per item: includes an aggregate of items paid, items deposited, deposit tickets and ACH credits or debits
•$0.15 per $100 for all currency deposit amounts over $10,000
•$0.15 per roll/strap of coins/currency supplied                                  
•$0.15 per $100 of currency deposited
•$0.15 per roll/strap of coins/currency supplied                      
     
Statement Cycle Dates Monthly, on the last day of the month Monthly, on the last day of the month Monthly, on the last day of the month Monthly, on the last day of the month Monthly, on the last day of the month Monthly, on the last day of the month

Monthly, on the last day of the month

Monthly, on the last day of the month Monthly, on the last day of the month
Statements •$3 for Paper Statements
•Free eStatements
•$3 for Paper Statements
•Free eStatements
•$3 for Paper Statements
•Free eStatements
•$15 for Paper Statements
•Free eStatements
•Free Paper Statements
•Free eStatements
•$3 for Paper Statements
•Free eStatements

•Free Paper Statements
•Free eStatements

•Free Paper Statements
•Free eStatements
•$3 for Paper Statements
•Free eStatements  
Withdrawal Restrictions                 Limited to six (6) pre-authorized, automatic, telephone, or Online transfers per statement cycle. A $10 fee applies to each occurrence thereafter. Does not apply to in-person and ATM transactions.                                 
ATM •Unlimited free transactions at all BankFinancial owned ATMs
•See Fee Schedule for non-BankFinancial ATMs                       
•Unlimited free transactions at all BankFinancial owned ATMs
•See Fee Schedule for non-BankFinancial ATMs                      
•Unlimited free transactions at all BankFinancial owned ATMs
•See Fee Schedule for non-BankFinancial ATMs                      
•Unlimited free transactions at all BankFinancial owned ATMs
•See Fee Schedule for non-BankFinancial ATMs                               
•Unlimited free transactions at all BankFinancial owned ATMs
•See Fee Schedule for non-BankFinancial ATMs                               
•Unlimited free transactions at all BankFinancial owned ATMs
•See Fee Schedule for non-BankFinancial ATMs                                     

•ATM access only
•Unlimited free transactions at all BankFinancial owned ATMs
•ATM Anywhere                  

•Unlimited free transactions at all BankFinancial owned ATMs
Four free transactions per statement cycle at non-BankFinancial ATMs, see Fee Schedule thereafter                    
•ATM access only
•Unlimited free transactions at all BankFinancial owned ATMs
•ATM Anywhere

Your Account Comes With

•24/7 Bank-by-Phone
•Basic Online Business Banking & Bill Pay
•Mobile/Web Banking
•Business Visa® Check Card
Eligible for Spectrum Select Business Money Market and Spectrum CDs
•$10,000 Free Cash Deposits 

•24/7 Bank-by-Phone
•Basic Online Business Banking & Bill Pay
•Mobile/Web Banking
•Business Visa® Check Card
Eligible for Spectrum Select Business Money Market and Spectrum CDs
•$10,000 Free Cash Deposits 

•24/7 Bank-by-Phone
•Basic Online Business Banking & Bill Pay
•Mobile/Web Banking
•Business Visa® Check Card
Eligible for Spectrum Select Business Money Market and Spectrum CDs

•24/7 Bank-by-Phone
•Online Business Banking & Bill Pay
•Online Wires
•Online ACH Originations
Remote Deposit Capture5
•Mobile Banking
•ATM Card
•Business Visa® Check Card                                      

•24/7 Bank-by-Phone
•Online Business Banking & Bill Pay
•Online Wires
•Online ACH Originations
Remote Deposit Capture5
•Mobile Banking
•ATM Card
•Business Visa® Check Card                 
•24/7 Bank-by-Phone
•Basic Online Business Banking & Bill Pay
•Mobile/Web Banking
•Business Visa® Check Card
•Eligible for Spectrum Select Business Money Market and Spectrum CDs                                    
              

•24/7 Bank-by-Phone
•Basic Online Business Banking & Bill Pay
•Mobile/Web Banking
•Business Visa® Check Card
•Eligible for Spectrum Select Business Money Market and Spectrum CDs
                                                          
 

•24/7 Bank-by-Phone
•Basic Online Business Banking & Bill Pay
•Mobile Web Banking
•Business Visa® Check Card                                      
•24/7 Bank-by-Phone
•Online Banking
•Mobile/Web Banking
•ATM Card



1. 0.5% Earnings Credit on Investible Funds.
2. Minimum deposit relationship balance in ANY combination of Checking account, Savings account, Money Market account, and CDs.
3. The interest earned on the entire balance is determined by the tier in which the account balance falls.
4. Waived if one of the following is met: Minimum Deposit Relationship Balance, Minimum Loan Relationship Balance.
5. If eligible. Must purchase Check Scanner. See fee schedule for applicable fees.
6. Only available to 501(c)(3) and 501(c)(4) organizations.
7. Available to lawyers or law firms who need to establish a trust account for client funds.
8. Available to municipalities, organizations, and businesses that are required to have a collateralized account.
9. Must have a Spectrum Select Checking or Spectrum Select Business Checking account.
10. Minimum deposit relationship balance in ANY combination of Checking account, Savings account, Money Market account, and CDs.
11. Blended Interest rate. Only the portion of the account balance within each tier earns the rate applicable to that tier.
12. Waived if one of the following is met: Minimum deposit relationship balance, minimum loan relationship balance.