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Financial institutions
Financial institutions provide the substance of the IOLTA program. The commitment of banks, credit unions and savings & loans to the communities they serve is reflected in their participation in IOLTA. The interest earned on attorney IOLTA accounts is helping our friends and neighbors across Wisconsin. WisTAF is proud to work with these dedicated businesses.
Any bank, savings & loan, or credit union operating in Wisconsin can establish IOLTA account products. These financial institutions determine the amount of funds WisTAF receives by the interest rates they provide and the service fees applied to these accounts. Though no financial institution is required to establish IOLTA accounts, the majority of Wisconsin’s 300-plus financial institutions participate in the IOLTA program.
For information about the Wisconsin Bankers Association, visit www.wisbank.com.
For information about the Wisconsin Credit Union League, visit www.theleague.coop
For information about the Community Bankers of Wisconsin, visit www.communitybankers.org
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| | | What's new | FDIC Adopts Final Rule Extending TAG Program Through December 31, 2010
June 22, 2010 - The Federal Deposit Insurance Corporation (FDIC) adopted a final rule extending the Transaction Account Guarantee (TAG) program for six months, from July 1, 2010 through December 31, 2010. Under the TAG program, customers of participating insured depository institutions are provided full coverage on qualifying transaction accounts. more |
| New FDIC rule extends insurance coverage on IOLTA accounts until at least December 31, 2010
On April 13, 2010, the Federal Deposit Insurance Corporation (FDIC) approved interim rules extending the Transaction Account Guarantee (TAG) Program to December 31, 2010. The rule provides for unlimited insurance for non-interest bearing transaction accounts (including IOLTA and functionally equivalent accounts), regardless of dollar amount, held in participating financial institutions. The rule also allows for the FDIC to extend the program through December 31, 2011 if the FDIC determines that economic conditions warrant such an extension. more |
| Now available - List of IOLTA Participating Financial Institutions and Prime Partners
The Wisconsin Trust Account Foundation, Inc. (WisTAF) works closely with financial institutions to verify their status as "IOLTA participating financial institutions" in the Interest on Lawyers' Trust Accounts (IOLTA) Program and assist in aligning with the rule governing IOLTA accounts. more |
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