Interest on Lawyers Trust Accounts
FDIC Board Approved Final Rule on IOLTAs
The FDIC Board approved a final rule amending agency deposit insurance regulations to include Interest on Lawyers Trust Accounts -- or IOLTAs -- in the temporary unlimited coverage for noninterest-bearing transaction accounts. The coverage -- mandated by the Dodd-Frank Act -- did not originally include IOLTAs until Congress passed an ABA-backed bill (H.R. 6398) that President Obama signed into law on December 29, 2010.
Under the final rule, all funds held in IOLTA accounts, together with all other noninterest-bearing transaction account deposits, are fully insured without limit from Dec. 31, 2010, through Dec. 31, 2012. This coverage is separate from -- and in addition to -- the coverage provided to depositors for other accounts at insured depository institutions, the FDIC said.
Interest on Lawyers Trust Accounts (IOLTA)
Midtown Bank has been approved by the State Bar Association of Georgia to offer the IOLTA program.
- $100 minimum opening balance.
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