Cornerstone IOLTA is for our attorneys and law firms acting in a fiduciary capacity. Interest earned is calculated using the month’s earnings credit rate on the average daily collected balance minus the reserve requirement. Allowable bank charges for commercial checking account holders are deducted to determine the appropriate amount to remit to the Georgia Bar Foundation. Quarterly reporting is provided with the remittance and to the account owner.
Cornerstone Capital Money Market **
For an even higher rate of return on a checking account, consider a Cornerstone Business Capital Money Market Account. There is no service charge with a minimum daily balance of $3,500 or an average daily balance of $7,000.
** Federal banking regulations limit you to six (6) preauthorized transfers and third party transactions each statement cycle. Transactions that apply to the limitation include checks, ACH debits, telephone transfer requests, and transfers initiated through online internet banking. A service charge of $10.00 will be assessed for each transaction in excess of 6 to third parties or 6 preauthorized transfers, or any combination of 6 thereof, from your account each statement cycle. Transfers or withdrawals made at the bank are unlimited.
*Quicken, QuickBooks and Microsoft Money downloads available on all accounts.