IOLTA for Lawyers

Client Trust Accounts

Arizona Supreme Court Rule 43 requires all lawyers who receive client funds in Arizona or in connection with representation of clients in Arizona to maintain an interest-bearing trust account in an approved financial institution to pool client funds of minimal amounts.

IOLTA Forms for Attorneys

IOLTA Financial Institutions

To select a financial institution for your Arizona IOLTA account, please see our complete listing of approved participating financial institutions. When opening an IOLTA account, attorneys must instruct their financial institution to identify the account as an IOLTA account by submitting to them the Notification to Financial Institutions.  In addition, the State Bar of Arizona must be notified of the new account by submitting the Arizona IOLTA Enrollment/Change Form.

State Bar of Arizona IOLTA Info

FDIC Updates

On June 22, 2010, the FDIC adopted a final rule extending the TAG program including restrictions on the interest calculations on NOW deposit. Please note that IOLTA accounts are approved separately from other types of NOW deposits and thus are not subject to the rate restriction guidelines. 

For details:
http://www.fdic.gov/news/board/rule2.pdf 

http://www.fdic.gov/news/board/memo3.pdf

For additional FDIC deposit insurance updates:

http://www.fdic.gov/deposit/deposits/changes.html<p>
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