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What Instructions Should I Give an IOLTA Depository?

You must direct the institution to perform the interest payment and reporting tasks required of IOLTA depositories no less often than quarterly. This can be done by giving them the IOLTA Instructions and Report Form (Doc). They need to be informed that service charges for purposes of the netting process only include the normal monthly service charge customarily assessed by the institution for the type of account involved. If the institution’s monthly service charge exceeds the IOLTA interest payable, the law firm is responsible for the excess. Charges associated with law firm activities with the account such as wire transfer fees or check printing charges, and other activity-based charges, may not be netted against IOLTA interest and are the law firm’s responsibility. The LTAC federal tax identification number is 42-1245104; this number must be used in connection with any IOLTA trust account. Lastly, the depository must agree to report overdrafts to the Client Security Commission.

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