![]() ![]() HOW DO I DECIDE WHICH BANK TO USE FOR MY DC IOLTA ACCOUNT? The DC Bar Foundation posts a lists of all approved banks on our website here. Your DC client trust funds, including your IOLTA funds, must be held at a DC Bar approved bank. HOW DO I FIND AN APPROVED BANK FOR MY DC IOLTA ACCOUNT? A directory of IOLTA programs, with contact information is available at: HOW DO I OPEN A DC IOLTA ACCOUNT?įor information on how to open a DC IOLTA account, please see the step by step guide here. As of August 1, 2010, you can comply with DC’s rules by maintaining separate IOLTA accounts, or by having a single IOLTA account that remits to DC or whichever jurisdiction where you are admitted and “principally practicing.” If you are uncertain of how the new rule fits your circumstances, email or email Daniel Mills, Director, DC Bar Practice Management Advisory Service ( DO I GO FOR MORE INFO ABOUT MY IOLTA OBLIGATIONS FOR OTHER STATES?Ī good starting point is the IOLTA program in the other state in which you are admitted. Many lawyers in your circumstance currently maintain separate IOLTA accounts: one for their DC matters and one for matters in the other jurisdiction. WHAT SHOULD I KNOW?Īs of August 1, 2010, Rule 1.15 provides an exemption for members of the DC Bar who are admitted and “principally practicing” in a jurisdiction other than DC, and fully participating in that jurisdiction’s IOLTA program. I PRACTICE BOTH INSIDE AND OUTSIDE THE DISTRICT OF COLUMBIA. Lawyers will exercise their good faith judgment in deciding which funds are IOLTA eligible. If you are holding funds for a client that would not earn net interest for the client – either because you won’t hold them for long, or because they are nominal in amount – those funds should go into a pooled, interest-bearing IOLTA account. HOW DO I KNOW WHAT FUNDS SHOULD GO INTO A DC IOLTA ACCOUNT? As of August 1, 2010, lawyers may no longer “opt-out” of the DC IOLTA program. Under the rules that took effect on August 1, 2010, unless you fit within an exemption, you must place eligible client funds in a DC IOLTA account. ATTORNEY FREQUENTLY ASKED QUESTIONS SHOULD I OPEN A DC IOLTA ACCOUNT?Įvery member of the DC Bar who receives client funds is subject to the trust rules governing the DC Bar. Below you will find a number of frequently asked questions about the DC IOLTA program and the DC Bar Foundation. The questions address the following categories: ![]()
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