Remitting interest via electronic reporting and ACH transmittal

Several options exist for the cost effective and efficient reporting and remittance of your financial institution’s IOLTA account interest. Please review the information provided below to determine which options make the most sense for you.

Reporting via electronic file transfer
Many financial institutions throughout Wisconsin have begun submitting their IOLTA account remittance reports electronically in order to save time, avoid reporting error, and reduce paper waste. E-filing is intended to minimize your efforts in remitting IOLTA account interest to WisTAF. While the initial set-up may require 1-2 hours and the assistance of technology support staff, it is as simple as choosing a report format (or type of file) and setting up a template that can be used for subsequent reporting periods. The initial investment of 1-2 hours most often requires only minor tweaking of the report already generated by your institution, and is more than made up for in time savings over the course of future reporting periods.

This option also provides an environmentally-friendly means for reporting – reducing paper waste – for those institutions engaged in corporate environmental responsibility initiatives.

We are happy to assist you with the set-up of your e-filing system. Just let us know, and we’ll arrange a consultation call between you, or a member of your technology department, and our software/database specialist.

ACH transmittal of interest
The Automatic Clearing House (ACH) process for transmitting interest on IOLTA accounts is designed to organize the accrued interest more accurately and speed the deposit of IOLTA remittances, resulting in reduced administrative costs.

Initial set-up merely requires that you set-up an ACH disbursing account and notify us of the account number by completing an ACH Verification Form. (Please contact us to receive a form.) A disbursing account is an account where the sum of the interest accrued for several IOLTA accounts is deposited immediately prior to the remittance of the collective interest for a given period. In other words, it is a temporary holding account for ACH transfers.

Each reporting period thereafter, you will submit your completed IOLTA interest remittance report to WisTAF.

• Instructions for IOLTA interest reporting and remitting

Once WisTAF receives your completed e-file or hard copy form, we will initiate the ACH transfer of interest based on the amounts specified in your report. There is no need for you to worry about initiating payment. You will no longer have to cut and send a check or money order.
 

• IOLTA Interest Remittance Report