The ABA Commission on IOLTA and the National Association of IOLTA Programs proudly present this production of the history of IOLTA in North America with generous support from The Florida Bar Foundation, The Law Foundation of British Columbia, and The Alberta Law Foundation. View the video »

FDIC Insurance Coverage Changes for IOLTA and Non-Interest-Bearing Accounts

As of January 1, 2013, FDIC insurance available to IOLTA accounts is $250,000 per owner of the funds (client), per financial institution, assuming that the account is properly designated as a trust account and proper accounting of each client’s funds is maintained. Non-interest-bearing trust accounts have this same level of coverage. Read more...

Recent IOLTA Rule Changes

On March 5, 2012, the Supreme Court of Idaho entered an order converting the state’s opt-out IOLTA program to a mandatory one and adopting IOLTA interest rate comparability. The rule revisions become effective on July 1, 2012. At that time, Idaho will become the 45th U.S. jurisdiction to implement mandatory IOLTA and the 33rd to implement interest rate comparability. Mandatory IOLTA requires that all lawyers who hold client funds establish IOLTA accounts for the deposit of those funds that cannot earn net interest for the client. Rate comparability requires that all lawyers hold IOLTA accounts only in financial institutions that pay those accounts the highest interest rate or dividend generally available to other customers of the institution when IOLTA accounts meet the same minimum balance or other qualifications.

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