My understanding of the PA IOLTA account rules are that the IOLTA accounts should never be overdrawn. We have a customer that is requesting a cash reserve (overdraft protection) for his firm's IOLTA account. Does anyone know if this is permitted?

The IOLTA site says nothing about it, and I haven't been able to get an answer from the IOLTA Board. Any suggestions?

In case anyone was wondering - No overdraft protection for PA IOLTA accounts as it circumvents the requirement to report overdrafts to the IOLTA Board.

Happy Friday!