The Virginia “Request to Establish IOLTA Account” form is the one-page notice every Virginia attorney, law firm, or title company submits to a bank to open or convert a pooled client trust account into an Interest on Lawyers’ Trust Account (IOLTA). It tells the bank to send the interest earned on your clients’ pooled, nominal, or short-term funds to the Legal Services Corporation of Virginia, which funds civil legal aid for low-income Virginians. The current version is dated Rev. 2/9/23, so check the bottom of your form before you sign.
Getting this form wrong does not just slow down your account setup. Under Rules of Court, Part 6, Section IV, Paragraph 20, Virginia uses a mandatory IOLTA program, and holding client money in the wrong type of account or at a non-approved bank can lead to a Virginia State Bar compliance problem and possible discipline. The good news is that the form itself takes about three minutes to complete, and this guide walks you through every line so you sign with confidence.
Here is what you will learn:
- ✅ How to fill out each line of the official Request to Establish IOLTA Account form
- 🏦 How to pick an approved or Prime Partner bank so your interest goes to the right place
- 🔁 The exact difference between converting an old trust account and opening a new one
- 📋 The documents and numbers to gather before you touch the form
- ⚠️ The field-level mistakes that trigger bank rejections and bar compliance flags
What the Form Is and Who Must File It
The Request to Establish IOLTA Account form is a written instruction from a lawyer or law entity to a bank. It directs the bank to open an interest-bearing pooled trust account and to remit that interest to the Legal Services Corporation of Virginia (LSCV) instead of to the lawyer or the clients. The form exists because the interest on small or short-held client deposits is too tiny to be practical to track and pay back to each client, so Virginia pools it to fund civil legal aid.
Every active Virginia attorney who holds client or third-party money that is nominal in amount or held for a short time must keep that money in an IOLTA account. This duty flows from Rule 1.15 of the Virginia Rules of Professional Conduct and the IOLTA Rule in Paragraph 20. Solo practitioners, large firms, and real estate title companies that hold escrow funds all fall under this rule.
The form is filed with your bank, not with the state. The bank executes it and returns a signed copy to LSCV’s IOLTA Coordinator. The Virginia State Bar then confirms your compliance separately through your annual dues and membership renewal, where you answer the IOLTA Certification Report questions.
The consequence of skipping the form is direct. If you deposit pooled client funds into a plain non-interest-bearing account, or into a personal or operating account, you are out of compliance with the trust accounting rules and you are not supporting the program the rule requires you to support. That gap can surface during a bar audit and put your license at risk.
Before You Start: Documents and Information You Need
Gather everything below before you open the form. A blank field or a wrong number is the top reason a bank kicks the form back, and each delay leaves client funds sitting in the wrong kind of account.
- Your full legal name, firm name, or title company name. This must match how the account is titled at the bank, because a name mismatch makes the bank reject the signature card.
- Your firm’s mailing address. The bank uses it to title the account and mail statements; a missing address stalls account setup.
- The bank’s full legal name. You must name the exact financial institution on the “TO” line, since the form is a direct instruction to that bank.
- Your existing trust account number (if converting). Without it, the bank cannot find the account you want changed, and the conversion fails.
- The new account number (if opening fresh). The bank often assigns this at account opening, so you may fill it in at the branch.
- Confirmation the bank is approved. Only banks on the Virginia State Bar’s approved list and the LSCV Prime Partners Program should hold your IOLTA, or your interest will not reach LSCV correctly.
- LSCV’s tax ID number. The bank must use LSCV’s EIN, not yours, on the account; you get it by calling the IOLTA Coordinator at 804-782-9438.
- LSCV’s ACH and routing details (for the bank). A new bank needs these to remit interest, and missing them delays the first remittance.
- Your signature and the date. An unsigned form is not a valid instruction, and the bank cannot act on it.
- Your bar number and contact email (helpful). These speed up matching your account during any later compliance review.
Set aside five minutes and a copy machine. The form tells you in plain words to retain a copy for your record, and that copy is your proof that you instructed the bank correctly.
Where to Get the Form and How to Access It
The official, current form lives on the LSCV website. You download the Request to Establish IOLTA Account form as a PDF directly from the “For Attorneys” page, where it sits alongside the IOLTA Rule and the IOLTA Guidebook. Always pull a fresh copy rather than reusing an old saved file, because the revision date may have changed.
You can complete the form two ways. You may type your entries into the PDF using a free reader and then print it, or you may print it blank and fill it in by hand with black ink. Typed entries reduce the chance the bank misreads a handwritten account number, which is a common cause of setup errors.
The form is a single page. The top names LSCV’s IOLTA Coordinator and contact details, the middle holds your information and the account choice, and the bottom holds the two signature blocks for you and the bank. Do not delete or alter the pre-printed text about Paragraph 20 or the remittance instructions, because the bank relies on that language.
Confirm the revision date before you sign. The current form reads Rev: 2/9/23 in the lower-right corner. If your copy shows an older date, download the newest version so the bank receives the instructions LSCV currently expects.
Step-by-Step: How to Fill Out the Request to Establish IOLTA Account Line by Line
The form is short, but each entry carries weight. Work through the lines in the order they appear, from the bank name at the top to the signatures at the bottom.
Field 1: TO (Financial Institution)
This line asks which bank you are instructing to open or convert the account. You write the full legal name of the financial institution that will hold the IOLTA, using the bank’s formal name rather than a nickname or branch label.
For example, PNC Bank, N.A. writes the full chartered name, not “PNC down the street.” A solo lawyer named Daniel Pierce opening his first account at United Bank writes United Bank on this line.
A common edge case is using a bank that is not on the approved list. If your preferred bank is not a Virginia State Bar approved institution or an LSCV Prime Partner, the interest may not be remitted correctly, so confirm approval before you write the name.
The most common mistake here is naming a regional brand or a holding company instead of the chartered bank, which can confuse account setup and slow the executed copy returning to LSCV. A misconception is that any bank will do; in Virginia, your IOLTA must sit at an approved institution for the interest to flow to legal aid.
Field 2: FROM (Attorney/Firm/Title Co.)
This block asks who is opening the account and is made up of several blank lines for your name and address. You enter your full legal name or your firm or title company name on the first line, then your street address, city, state, and ZIP on the lines below.
For example, Daniel Pierce writes Daniel J. Pierce, Esq., then Pierce Law PLLC, then 412 Granby Street, Norfolk, VA 23510. A title company would write its registered business name, such as Old Dominion Title & Escrow LLC.
The nuance is matching this name to the account title at the bank. The name you write here should match your bank signature card and your bar records, because a mismatch can stall both account opening and later compliance matching.
A frequent mistake is listing a trade name that does not match the firm’s legal name on file, which forces the bank to ask for corrections. The misconception is that this is just a “return address”; it actually establishes the legal owner of record for the trust account.
Field 3: The Paragraph 20 Statement (Pre-Printed, Do Not Edit)
This is not a fill-in field, but you must read it. The pre-printed paragraph states that, under Rules of Court, Part 6, Section IV, Paragraph 20, you are establishing an IOLTA account so interest goes to LSCV to fund civil legal representation of the poor.
For example, when Daniel Pierce signs the form, he is agreeing to this exact statement, the same way every Virginia filer does. There is no blank to complete here.
The edge case is the temptation to edit or strike this language because a bank officer is unfamiliar with it. Do not change it, because the bank relies on this authority to remit interest to a third party rather than to you.
The common mistake is treating this block as optional boilerplate and not reading it, which leaves filers surprised that the interest leaves their control. The misconception is that you are giving away your own money; the interest belongs to the program by rule, not to you or your clients on these pooled funds.
Field 4: The Account Choice Checkbox (Convert vs. New)
This is the single most important field. The form gives two options and tells you to check one, and your choice tells the bank whether to change an existing account or open a brand-new one.
You check the first box if you already have a non-interest-bearing client trust account you want converted to IOLTA. You check the second box if you do not yet have an account for nominal or short-term client funds and want to open a new IOLTA.
For example, a 14-lawyer firm, Harlow & Reyes LLP, that already holds a pooled non-interest-bearing trust account checks the first box to convert it. A new solo like Daniel Pierce checks the second box because he is opening his first trust account.
The most common mistake is checking both boxes or neither, which forces the bank to call for clarification and delays setup. The misconception is that “convert” and “new” lead to the same result; converting keeps your existing account number and history, while opening new creates a fresh account, and picking the wrong path can split your client funds across two accounts by accident.
Field 5: Existing Account Number (First Box Path)
If you checked the convert box, this field asks for the account number of the trust account you want changed. You write the full account number exactly as it appears on your bank statement, with no missing or transposed digits.
For example, Harlow & Reyes LLP writes Acct. # 100023845567 from its current pooled trust account statement. The number must be the trust account, not the firm’s operating account.
The nuance is that some banks reassign a new number even on a conversion. Ask the bank whether the number stays the same, and update your records if it changes so your three-way reconciliation still ties out.
A common mistake is entering the operating account number instead of the trust account number, which can wrongly route client funds. The misconception is that any firm account works here; only the client trust account belongs on this line.
Field 6: New Account Number (Second Box Path)
If you checked the new-account box, this field asks for the number of the IOLTA the bank is opening for you. Because the bank usually assigns this number at account opening, you often complete it at the branch with the banker.
For example, when Daniel Pierce opens his account, the banker assigns Acct. # 200471139902, and he writes it in this blank before both parties sign. If the number is not yet assigned, leave it for the bank to enter and confirm.
The nuance is timing. You may bring the form to the branch with this line blank and fill it in once the account exists, which is normal and accepted.
The common mistake is guessing a number or copying an old one, which makes the form point to the wrong account. The misconception is that you must have the number before you visit the bank; in practice, the bank supplies it during opening.
Field 7: Attorney/Firm Signature and Date
This field asks you to authorize the instruction. You sign with your usual legal signature and write the date in month, day, year form, such as 06/02/2026.
For example, Daniel Pierce signs Daniel J. Pierce and dates it 06/02/2026 the day he visits United Bank. A firm administrator with authority over the trust account may sign for the firm if firm policy allows.
The nuance is who may sign. The signer should be a lawyer or an authorized person responsible for the trust account, because this is a binding instruction about client money.
The common mistake is leaving the form undated or unsigned, which makes it invalid and unworkable for the bank. The misconception is that a typed name counts as a signature; many banks want an actual signature on this line.
Field 8: Financial Institution Signature and Date
This block is for the bank, but you should understand it. A bank officer signs and dates it to confirm the bank accepts the instruction and will remit interest to LSCV.
For example, the banker at United Bank signs and dates the form the same day Daniel Pierce signs, completing the loop. The bank then sends an executed copy to LSCV.
The nuance is the return step. The form states that the financial institution should return an executed copy of this form to [email protected], so confirm the banker does this rather than assuming it happens.
The common mistake is leaving the bank’s signature blank and mailing the form to LSCV yourself, which is not how the process works. The misconception is that you submit the form to LSCV directly; you submit it to the bank, and the bank forwards the executed copy.
Field 9: The Bank Remittance and Tax ID Instructions (Pre-Printed)
The lower body of the form holds instructions for the bank, and you should confirm the bank follows them. The form directs the bank to remit interest monthly, net of allowable charges, and to use LSCV’s tax ID number on all IOLTA accounts.
For example, when Old Dominion Title & Escrow LLC opens its account, the banker calls the IOLTA Coordinator at 804-782-9438 to get LSCV’s EIN and ACH details. Because LSCV is a Section 501(c)(3) charity, no IRS Form 1099 is required.
The nuance is the tax ID. The account uses LSCV’s EIN for the interest, not your firm’s, so the interest is reported as the charity’s, not yours.
The common mistake is the bank using the firm’s EIN, which can wrongly generate tax reporting against you. The misconception is that you owe tax on this interest; you do not, because it belongs to LSCV.
Three Filled-Out Examples Using Real Scenarios
The form looks the same for everyone, but the entries differ based on whether you are new, converting, or a title company. The tables below show what each filer writes.
Scenario 1: Daniel Pierce, a solo attorney opening his first IOLTA account.
| Form Section | What Daniel Enters |
|---|---|
| TO (Financial Institution) | United Bank |
| FROM (name) | Daniel J. Pierce, Esq. |
| FROM (firm) | Pierce Law PLLC |
| FROM (address) | 412 Granby Street, Norfolk, VA 23510 |
| Checkbox choice | Checks the second box (new account) |
| Existing Acct. # | Leaves blank |
| New Acct. # | 200471139902 (assigned at the branch) |
| Attorney signature/date | Daniel J. Pierce / 06/02/2026 |
Scenario 2: Harlow & Reyes LLP, a 14-lawyer firm converting an existing pooled trust account.
| Form Section | What the Firm Enters |
|---|---|
| TO (Financial Institution) | Atlantic Union Bank |
| FROM (name) | Harlow & Reyes LLP |
| FROM (signer) | Maria Reyes, Managing Partner |
| FROM (address) | 88 Franklin Road SW, Roanoke, VA 24011 |
| Checkbox choice | Checks the first box (convert) |
| Existing Acct. # | 100023845567 |
| New Acct. # | Leaves blank (number stays the same) |
| Attorney signature/date | Maria Reyes / 06/02/2026 |
Scenario 3: Old Dominion Title & Escrow LLC, a title company opening a new IOLTA for real estate escrow funds.
| Form Section | What the Title Company Enters |
|---|---|
| TO (Financial Institution) | Burke & Herbert Bank & Trust Co. |
| FROM (name) | Old Dominion Title & Escrow LLC |
| FROM (signer) | Gregory Tran, Principal Agent |
| FROM (address) | 1500 Wilson Boulevard, Arlington, VA 22209 |
| Checkbox choice | Checks the second box (new account) |
| Existing Acct. # | Leaves blank |
| New Acct. # | 305598827140 (assigned at the branch) |
| Tax ID note | Banker calls IOLTA Coordinator for LSCV EIN |
How to File the Completed Form
You do not file this form with the state. You submit it to your bank, and the bank forwards the executed copy to LSCV. Here is how each channel works.
In person at the bank. Bring the printed form to the branch that opens your account. There is no filing fee. The expected processing time is the same day for signing, and the new IOLTA is usually active within a few business days. Keep your retained copy and the bank’s account-opening receipt as proof of filing.
By email through the bank. Some banks let you email the completed form to a business banker who handles the rest. There is no fee. Processing usually takes a few business days once the bank assigns the number. Save the sent email and any confirmation as your proof.
By the bank to LSCV. After both signatures are on the form, the form directs that the financial institution should return an executed copy of this form to [email protected]. The IOLTA Coordinator can be reached at 804-782-9438 or by mail at Legal Services Corporation of Virginia, 919 E. Main Street, Suite 615, Richmond, Virginia 23219. Ask your banker to confirm they sent the copy.
Get the tax and routing details. A new bank should contact LSCV’s IOLTA Coordinator for the EIN, account, routing, and transit numbers so it can remit interest by ACH or check. Payment of interest flows from the bank to LSCV monthly; you pay nothing.
What Happens After You File
Once the account is open, the bank begins paying interest on your pooled client funds to LSCV each month, net of allowable charges. You will see the trust account on your statements, and the interest line will not add to your balance because it is remitted to the charity. This is normal and expected under the IOLTA Rule.
You still owe ongoing duties. Virginia requires careful trust accounting, including regular three-way reconciliation that ties your bank balance, your book balance, and your client ledgers together. Keep these records, because they are the first thing a bar examiner asks for.
You must also report to the Virginia State Bar each year. Under Section G of the IOLTA Rule, active VSB members complete the IOLTA Certification Report as part of the online dues and membership renewal process, and no separate report is required.
If your bank is not paying competitive rates, consider moving to a Prime Partner institution. Where you bank affects how much money reaches legal aid, and switching is the same simple form you just learned to complete.
Mistakes to Avoid When Filling Out the Form
Each line on this form is a chance to slip. Watch for these specific errors and their consequences.
- Checking both boxes or neither in the account-choice field, which forces the bank to stop and call you for clarification.
- Entering your operating account number instead of the trust account number, which can route client money the wrong way.
- Using a bank that is not on the Virginia State Bar approved list, which means your interest may never reach LSCV.
- Naming a brand nickname instead of the bank’s full legal name, which slows account setup and the executed copy to LSCV.
- Leaving the signature or date blank, which makes the form an invalid instruction the bank cannot act on.
- Writing a name that does not match your bank signature card, which triggers a correction request and delays opening.
- Guessing a new account number before the bank assigns one, which makes the form point to the wrong account.
- Editing or deleting the pre-printed Paragraph 20 language, which removes the authority the bank relies on to remit interest.
- Letting the bank use your firm’s EIN instead of LSCV’s tax ID, which can create wrong tax reporting against you.
- Mailing the form to LSCV yourself instead of giving it to the bank, which breaks the process because the bank must execute and forward it.
- Forgetting to keep a copy, which leaves you without proof you instructed the bank correctly.
- Skipping the annual VSB IOLTA Certification Report, which leaves you noncompliant even after the account is open.
Do’s and Don’ts
These quick rules keep your filing clean and compliant.
Do:
- Do confirm your bank is approved or a Prime Partner first, because that is where the interest must flow.
- Do download a fresh copy of the form, because the revision date may have changed since you last filed.
- Do match the FROM name to your bank signature card, because mismatches stall account opening.
- Do check exactly one box, because the bank needs a clear instruction to convert or open new.
- Do retain a copy, because it is your proof of the instruction you gave.
- Do confirm the bank emailed the executed copy to LSCV, because that closes the loop.
Don’t:
- Don’t deposit pooled client funds in your operating account, because that violates the trust accounting rules.
- Don’t edit the pre-printed legal language, because the bank relies on it for authority.
- Don’t use your own EIN on the account, because the interest belongs to LSCV.
- Don’t leave the form unsigned or undated, because it is then invalid.
- Don’t assume any bank will do, because only approved institutions belong in the program.
- Don’t skip the yearly VSB certification, because the account alone does not prove compliance.
Pros and Cons of Filing on Your Own vs. With Help
Most lawyers complete this form alone, but some lean on a bank officer or bookkeeper. Here is how the two paths compare.
Pros of filing on your own:
- It is fast, because the form takes about three minutes to complete.
- It is free, because there is no filing fee at any stage.
- You keep direct control over the account-choice and account-number entries.
- You learn the trust accounting basics you must follow anyway.
- You avoid waiting on a third party to act for you.
Cons of filing on your own:
- You may pick the wrong checkbox and split client funds across accounts by mistake.
- You may choose a non-approved bank and misroute the interest.
- You carry full responsibility for matching names and account numbers.
- You may miss the ongoing reconciliation duties that come after.
- You may forget the annual VSB certification that proves compliance.
| Filing on Your Own | Filing With a Banker or Bookkeeper |
|---|---|
| Free and fast, done in minutes | Slower, but the bank confirms approval and numbers for you |
| You own every entry and any error | A banker reduces account-number and EIN mistakes |
| You must learn the trust rules yourself | Help can flag reconciliation and reporting duties early |
FAQs
Do I file this form with the Virginia State Bar?
No. You submit it to your bank, and the bank returns an executed copy to LSCV. The Virginia State Bar confirms compliance separately through your annual dues and membership renewal.
Do I check the first box or the second box if I already have a trust account?
Yes, check the first box to convert if you already hold a non-interest-bearing client trust account. Check the second box only when opening a brand-new IOLTA.
Do I write my operating account number in the account-number line?
No. You enter only the client trust account number, never your firm’s operating account, because mixing them can misroute client funds and breach the rules.
Do I have to fill in the new account number before visiting the bank?
No. The bank usually assigns the number at account opening, so you may leave that line blank and complete it at the branch with the banker.
Do I use my own tax ID number on the IOLTA account?
No. The bank uses LSCV’s tax ID number on all IOLTA accounts, which you obtain by calling the IOLTA Coordinator at 804-782-9438.
Do I owe income tax on the interest the account earns?
No. The interest belongs to LSCV, a Section 501(c)(3) charity, so no IRS Form 1099 is required and you report no income from it.
Do I have to use a bank on the approved list?
Yes. Your IOLTA must sit at a Virginia State Bar approved institution, and Prime Partner banks pay the best rates and waive fees for the program.
Do I sign the form myself, or does the bank sign it?
Yes, both sign. You sign and date the attorney block, and a bank officer signs and dates the financial-institution block before the bank forwards the executed copy.
Do I need to keep a copy of the form?
Yes. The form tells you to retain a copy for your record, and that copy is your proof that you correctly instructed the bank.
Do title companies file this same form?
Yes. Title and escrow companies that hold nominal or short-term client funds use the same Request to Establish IOLTA Account form to open or convert their accounts.
Do I need a separate IOLTA report each year if I file this form?
No. The annual requirement is met by answering the IOLTA Certification Report questions inside the VSB online dues and renewal process, with no separate report needed.
Do I confirm the revision date before signing?
Yes. Check that your copy reads Rev. 2/9/23, the current version, so the bank receives the instructions LSCV expects today.
Do I have to pay a filing fee?
No. There is no filing fee for the form or for opening the account through any channel, whether in person or by email through your bank.