NEW IOLTA FDIC Insurance coverage Notice

Attorneys Need to Take Extra Care in Watching Client Trust Accounts

With the precarious economy and the number of financial institutions either failing (such as IndyMac Bank) or being taken over by other institutions (such as Washington Mutual), lawyers who have client trust accounts should be thinking about the safety of those accounts. Read more...

Interest on Lawyers Trust Accounts (IOLTA) - Information and Resources

In recent years, the Foundation and State Bar have worked with Arizona financial institutions to enhance the impact of Arizona's IOLTA program. During this time, we have successfully eliminated a majority of IOLTA account fees, reduced the impact of negative balances on IOLTA accounts, and brought nearly all financial institutions holding IOLTA accounts into 100% reporting compliance. It is due in large part to these advances that we can report the following information and offer you a greater understanding of how Arizona's IOLTA Rule helps equal access to justice for all Arizonans.

The Foundation has recently communicated with your financial institution to explain Arizona's implementation of IOLTA comparability rates. Simply put, this means that the IOLTA fiduciary account and any other interest checking account deposits are offered the same rate of return: equal treatment for like accounts. With any fiduciary account, it is critical that interest dollars garnered from pooled accounts are never regarded as a private revenue stream for financial institutions or diverted from the public good. Only when financial institutions do not take a percentage of the overnight interest float and are compensated only for normal charges, does the integrity of the IOLTA program remain intact and the resources for the purpose of the rule are maximized. When financial institutions are willing to offer a rate of return comparable to that of a savings account or higher, the community impact of the rule is even greater.

Financial Institutions Participating Interest On Lawyers Trust Accounts

The information presented is updated according to last report received and recorded. For the most current information, please contact the financial institution(s) directly. The information on this page lists a comparable rate status of either "Comparable rates verified" or "leadership" next to each financial institution. Comparable Rate Status - "COMPARABLE RATES VERIFIED" status is achieved when the financial institution pays the same rate of interest as any other interest-bearing account the financial institution offers to its "best customers." The "LEADERSHIP" status is achieved when the financial institution is willing to provide a rate of interest on IOLTA accounts that exceeds what is required for comparability. This status listing is provided to you so that you are able to stay informed about your IOLTA account.