Lower interest rates could spell disaster for IOLTA. |  |
Contingent on interest rates, IOLTA (Interest on Lawyers Trust Accounts) funds help sustain providers of invaluable legal services such as helping people combat discrimination, resolve disability claims, become independent from an abusive partner, and much more. Nationwide, IOLTA is the second largest source of funding for legal aid behind the federal government.
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IOLTA annual compliance certification |
Each IOLTA participating institution shall certify to WisTAF annually that the financial institution meets the requirements of Wisconsin Supreme Court Rule (SCR) 20:1.15 for IOLTA accounts, and that it reports overdrafts on draft trust accounts and draft fiduciary accounts of lawyers and law firms to the Office of Lawyer Regulation.
WisTAF will send all participating financial institutions compliance certification forms and instructions at the beginning of each calendar year requesting IOLTA comparability rate information and current rate and product information. Financial institutions are required to respond to reasonable requests from WisTAF for information needed for confirming the accuracy of an IOLTA participating financial institution’s self-certification.
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| | D O N A T E | | | UPCOMING MEETINGS & EVENTS | | | WHAT'S NEW | More... | | PRIME PARTNER SPOTLIGHT |
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A Prime Partner member of the Wisconsin IOLTA program since 2010, First Bank Financial Centre strives to be the most admired community bank in the State of Wisconsin. First Bank Financial Centre goes above and beyond IOLTA participation requirements by paying additional interest on its clients’ IOLTA accounts - helping to expand access to civil legal services in Wisconsin.
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