Bankers Responsibilities for IOLTA Accounts

Question:

Where can I find information about the ins/outs of IOLTA accounts (bankers responsibilities)?

Answer:

Call your state bar association. Many of them have IOLTA publications they will be glad to send you.

However, please keep in mind that your bank is not the "regulated party" here; the attorney is. It is his or her responsibility to set up the account and do it properly. Your bank's responsibilities are largely limited to remitting the interest to the state Bar Foundation. If you do not want to do that, you can simply refuse to open the account.

First published on BankersOnline.com 9/24/12