Non-sufficient funds notification

A primary requirement of managing IOLTA Accounts is to notify the Arizona State Bar Association of any insufficient funds, regardless of whether the instrument is honored or not. This notification MUST be submitted at the same time notification to the primary owner of the account is sent.

Notification on closed accounts

Including the status in the appropriate column of the submitted report is sufficient.

Reporting service charges waived

It is the Foundation's intent to report the waived finance charges as in-kind contributions toward the mission of the Foundation. If the amount is not included in the report, we will not be able to credit your financial institution for the gift.

ACH accounts

the Foundation does have an ACH account for your use. If your financial institution wants the Foundation to initiate the withdrawal, please contact Alvaro Flores at (602)340-7358

Secure email

The site established by the Foundation is set up as a secured site. The proper steps were taken to assure confidentiality and security. Each entity involved, though, needs to accept their share of the responsibility of assuring the security of any information transmitted both electronically and as hard copies.

Individual Bank Statements

The Foundation does NOT want copies of each IOLTA account bank statement. The report requested is a listing of all accounts with the required information as cited in the report. Alvaro Flores, (602)340-7358, is your contact person for assistance with the establishment of this report.

Process for Noncompliance Remedy or Termination of Eligibility

1. If the agreement is not signed and received by June 5, 2005, then a certified letter will be sent to the noncompliant bank requesting contact be made within 10 business days.
2. After 10 business days, and no contact, a second certified letter will be sent with a certified copy going to the bank president. The letter will explain that this is our second attempt to remedy their institution's noncompliance. Additionally it will inform the parties that if the signed agreement is not received in 10 business days from the postmark of this letter, we will post a public announcement that their financial institution is currently no longer eligible to manage Trust Accounts until further notice. In the letter we will also explain to them that they have an obligation to inform all trust account holders of their noncompliance status as a State approved financial institution. Further, the bank will be considered liable for accepting/holding IOLTA trust accounts while in noncompliance status and can not be considered eligible, after compliance issues are resolved until the next quarter following resolution of noncompliance.
3. The BAR, then, would notify attorney's using this financial institution allowing them ??? to change their accounts to an eligible financial institution through public notification and personal correspondence if staff so chooses.