A sample transaction with mobile banking and
IOLTAOne
A standard real estate transaction is the most common complex banking transaction a lawyer
will process through an IOLTA account. Deposits to the IOLTA account are typically a
combination of a wire from the lending institution and a check from the buyer.
Disbursements from the IOLTA account are typically over a dozen checks and wire
transactions. The lawyer must create the IOLTA account ledgers, verify transactions have
cleared, and reconcile the account.
The lawyer can log onto her bank account remotely to verify the wire from the lender has
been received. When the buyer presents a check, the lawyer can deposit the check (typically
a certified check and often presented at the closing) by utilizing the bank’s mobile app.
Already being logged onto the bank account, the lawyer can go straight to the IOLTAOne app
and record the deposits.
When the transaction is complete, the lawyer can disburse the checks necessary and wire
funds from the account using the bank’s mobile app. Simultaneously with these
disbursements, the lawyer can also record the transactions in her IOLTA records. The entire
transaction can be completed without the need for the lawyer to go to a bank branch office.
The transactions will clear the bank account as checks are received and deposited. As these
transactions clear the bank, they will automatically be cleared in the IOLTA account
records. Reconciliation of the IOLTA account is then simply selecting the date range
desired. With the automated reconciliation feature, the lawyer will easily be able to
reconcile as often as required by American Land Title Association (ALTA) best practices (10
days), her title insurance company standards (typically every 2 weeks or 30 days), and New
York bar rules (monthly).
